Real estate companies–not just lenders– are starting to slash workers, in a clear sign that the industry has taken a turn. The housing market bubble is showing signs of popping.

Additionally, mortgage applications are at 22-year lows! This is pretty expected since 30-year mortgage rates are now up over 6% after the Fed raised rates another 75bps! We are likely to see further increases from the Fed, which could increase this even further!

We are past the turning point in the housing market, and the cool-down has already begun! It takes a lot of time for all of this data to flow through into the housing market, unlike the stock market, which we know daily– these leading indicators for the housing market show that demand has fallen significantly, which means prices will stop growing at the ridiculous rates (over 30% over the past 2 years!!) and in many areas will come down or even crash.

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