New Listings Data Is Declining and That's What Is Happening

The US economy is acting like a third world country where rates are moving around like crazy. The American people looked at Jay Powell and said yeah not going to do it. You're not going to force me to sell my home to be homeless don't care. I've got a mortgage rate that's very low. My life is great, you know. And that's a detriment to demand. Now we have literally two waterfall dives in demand. And they correlate to new listings data actually declining. With the purchase application data growth now there is a shot for total active listings to get under 1 million again.