The Housing Recession Nobody Is Talking About

The Hidden Housing Recession - Steven Thomas

This housing market update from Steven Thomas of Reports On Housing examines the housing recession that has quietly entered its fourth year. The analysis explains how rising mortgage rates and deteriorating affordability triggered a historic collapse in home sales activity, resulting in fewer transactions than even the Great Recession on a cumulative basis. It also explains why today’s market remains fundamentally different from the housing-crash era despite weak demand.

This data-driven overview provides critical context for understanding where the housing market stands in 2026.

👉🏼 "Housing Debrief" - Season 7, Episode 22 👈🏼

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*The content in this video is accurate as of the posting date. This is not investment advice.

Time Stamps:
00:00 Introduction
00:29 Year Four of the Housing Recession
02:17 How Mortgage Rates Changed Everything
05:34 Home Affordability Crisis
06:06 The Collapse in Home Sales
08:24 Comparing Today to the Great Recession
09:33 Why This Recession Is Different
11:15 Why a Housing Crash Isn’t Coming
13:26 The 3 Ingredients for a Housing Crash
14:18 Conclusion