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I'm getting this from investors I listen to and people in the industry I know.
You are correct about people sitting on their houses. As interest rates fall the market will heat up again because there is a limited supply and demand is being suppressed by the high cost. Granted, historically it isn't high(loans). But we have short memories.
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The supply thing is interesting to me, because Boomers should be starting to put a lot of inventory on the market. I think they haven't wanted to, since the market cooled down, but eventually their houses will flood the market.