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Frozen homeowners. Priced-out renters. One last shot at ownership — and it’s digital.
Turn on the news and you won’t see headlines screaming “Housing Market Collapse!”
But open Zillow, talk to a broker, or check your pre-approval rate — and it becomes obvious: We’re already in it.
Not a crash.
Not a bubble pop.
But something colder. Quieter. More psychological.
Mortgage rates are pinned above 6.6%.
Listings are drying up.
Buyers are gone.
Sellers refuse to move.
Everyone’s locked in or locked out.
This is a collapse of motion — not price.
In 2008, the housing market collapsed because everyone had too much leverage.
In 2025, it’s collapsing because no one has any mobility.
The vast majority of homeowners refinanced during the 2020–21 window, locking in rates around 2.5–3%. They will not sell. Why would they?
If they moved today, their mortgage payment could double overnight.
