Over the past two years, home prices in the United States have gone up nearly 40 percent.  Now mortgage rates are rising at a pace that is truly frightening, and they are likely to go even higher in the months ahead as the Federal Reserve continues to fight a relentless war against inflation.  Needless to say, higher mortgage rates mean higher potential mortgage payments for prospective home buyers, and so millions of Americans are being priced out of the marketplace right now.  The only thing that is going to bring those buyers back into the marketplace is for home prices to go down, and that is already starting to happen in some areas of the nation.

We were already in a historic housing bubble heading into 2020, and over the past two years we have witnessed another housing bubble develop on top of the previous housing bubble.