Mortgage applications to purchase a home: -40% from 2022 and 2019, 3rd worst week since 1995, behind only two weeks in February.

Builders have to build and sell homes, no matter what the market conditions. More price cuts may be needed to get this moving.

Home price rise since 2012 “may be coming to an end”: Shiller. Biggest YoY drops: Seattle, San Francisco, Las Vegas, Phoenix, San Diego, Portland, Denver, Dallas.

They’re not listing their homes because they’re not moving out because they’re not buying a home to move into because they don’t want to give up their 3% gift from God.

Sales of used houses are dismal, even as supply & days on the market rise. Homeowners await inspiration. Homebuilders got the memo.

It’s spring selling season, when prices always rise month-to-month, and they did, but it wasn’t enough.

June (next month’s data) will be the final leg of spring selling season. Then things skid downhill till early 2024.