Back then, national home prices subsequently fell 25% to their low in Dec 2011. Today, the price declines have just begun.

US Housing Affordability is at its lowest level in 33 years, below the July 2006 low which was at the peak of the last housing bubble. Back then, national home prices subsequently fell 25% to their low in Dec 2011. Today, the price declines have just begun.

Charting via @ycharts pic.twitter.com/HYoafwy4br

— Charlie Bilello (@charliebilello) August 19, 2022

Sales plunged by 5.9% in July from June, the sixth month in a row of month-to-month declines, and by 20% from a year ago

The red-hot housing market turns into a housing recession.

Sales plunged by 5.9% in July from June, the sixth month in a row of month-to-month declines, and by 20% from a year ago 🚨 pic.twitter.com/cdG9KEf3QG

— Wall Street Silver (@WallStreetSilv) August 18, 2022

7.6% of all the homes for sale have reduced their asking price in the last 4 weeks, per Redfin, $RDFN, the highest amount in 20 years

7.6% of all the homes for sale have reduced their asking price in the last 4 weeks, per Redfin, $RDFN, the highest amount in 20 years.

— unusual_whales (@unusual_whales) August 6, 2022

job market, is a lagging indicator of a recession

Unemployment, or job market, is a lagging indicator of a recession.

Median Home price plunges 9.5% M/M from $402,400, lowest since June 2021 and the biggest drop since 2014

Median Home price plunges 9.5% M/M from $402,400, lowest since June 2021 and the biggest drop since 2014.

Biden is finally crushing the economy in line with expectations. pic.twitter.com/ndaySeoZr2

— zerohedge (@zerohedge) July 26, 2022

BTW, as home sales tank, rental prices on apartments and homes rise.  So, good luck with that.  

16 of the top 20 states with the lowest unemployment rates are led by Republican governors.

NEW: 16 of the top 20 states with the lowest unemployment rates are led by Republican governors. pic.twitter.com/1JXWZAhxy1

— RNC Research (@RNCResearch) July 22, 2022

mortgage rate just hit 6.28% today.

No joke the mortgage rate just hit 6.28% today.

Beyond words to express at this point! pic.twitter.com/QEVMdVLXY9

— Kelly Evans (@KellyCNBC) June 14, 2022