Bob Elliott
· Nonconsensus
· April 17, 2026 at 10:22
· ⏱ 2 min read
| Read on Substack ↗
Summary
The author argues that the U.S. residential housing market is stagnating and will remain a drag on the economy. Despite expectations of a recovery from a rate-cutting cycle, the market has not responded, with sales at cycle lows due to high mortgage rates and prices creating an imbalance of more sellers than buyers.
•The residential housing market is expected to be an economic drag for the foreseeable future.
•Sales are at cycle lows, with a significant surplus of sellers compared to buyers.
•High mortgage rates and price levels are preventing a market recovery.
•The housing sector has not responded positively to the rate-cutting cycle as many had anticipated.