The housing price index now prints the boom while the credit book prints the bust.
Nominal price composites — buoyed by lock-in, periphery composition, and index lags — keep setting records even as collapsing transaction volumes and double-digit lender delinquencies reveal the underlying credit reality first.
The same conclusion keeps arriving from across the workspace's research — 1 topics independently instantiate this theme. Filter the evidence by where it came from:
Seoul's 87-week rising streak and +8.31% YTD coexist with credit-union CRE delinquencies of 11.38% and 35.4% of credit unions above 10% — the official index and the lenders' books deliver opposite verdicts on the same market.
The nominal index prints records while sales collapse toward 2011 lows under 7.53% mortgage rates — the price series masks the freeze that transaction counts and lender distress expose in real time.