The latest evidence that Fed Chair Jerome Powell's most aggressive interest rate hikes in a generation and spiking mortgage rates might trigger a housing "reset" is the latest earnings report from KB Home, one of the nation's largest publicly traded homebuilders.

What caught our attention in the report was the skyrocketing buyer cancellation rate in the fourth quarter. The rate spiked to 68%, up from 35% in the third quarter and up from 13% in the fourth quarter of 2021.