Wuh oh. Any speculations why? Run of the mill late-cycle consumer indebtedness?
Prices are too fucking high. Let's say you're me. Let's say you're an engineer fresh outta college and your starting salary is $54k. You buy the house for $175k with $10k down and interest rates at 4%. You're paying 800 a month. Now let's say you're me if I were the age of the kids graduatig today. Let's say your starting salary is $69k, which is average. You buy the house for $425k with $40k down and interest rates at 5%. You're paying $2000 a month. Same house, same market, same education. Oops. Not same education. At some point shit costs too much for people to buy it. And if it still needs to be sold, it has to become cheaper.
You've described my situation exactly. Could I buy a house? I mean, yeah. Am I going to? Not at these prices, I don't want to be sidled with that.