This is a prolonged affordability and liquidity problem, even without a 2008-style foreclosure crisis.
Redfin reported pending sales down 16.4% year over year, the lowest level in its records since 2021. Median sale prices also declined for three consecutive weeks.
https://www.redfin.com/news/housing-market-update-sale-prices-keep-declining/
Refinancing activity remains 60% below last year
Refinance applications were 60% lower than the same week in 2025. Homeowners with pandemic-era mortgage rates have little incentive to refinance into loans carrying rates above 7%.
https://www.housingwire.com/articles/mortgage-applications-down-arm/
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