Doug French on the housing bust and "stuck factor"

Existing home sales are undergoing a historic sharp contraction in sales.  And, what will keep the residential market sluggish is what [Ivy] Zelman calls the “Stuck Factor.” An incredible 92% of homeowners with mortgages have a 5% rate or lower.  Nearly half of those with a mortgage have a rate of 3.5% or lower.  As long as rates stay where they are, or higher, people aren’t moving anywhere except in the case of the three D’s-divorce, death, or default.

~ Doug French, "'Poison Ivy' Zelman's says 'Stuck Factor' has Housing Market Stuck," DouglasInVegas.com, October 19, 2022