The Lock-In Effect Has Defined the Last Two YearsFor much of the past few years, the housing market has been explained by one phrase: the lock-in effect. Homeowners with ultra-low mortgage rates didn’t want to sell, inventory stayed tight, and buyers faced limited options.The assumption has been sim...

If you read the headlines lately, you’d think housing affordability is completely broken and that some big fix is right around the corner.Lower rates. Policy reform. A reset back to 2019.Here’s the reality: there is no reset coming.And honestly? That’s not the most important part.What matters more i...