I would have to defer to the likes of #[0]​, #[1]​, #[2]​, or #[3]​ for more in-depth insights, but based on the latest Mortgage Monitor from Black Knight, the housing market doesn’t seem like it will be the first to crack this time.

As expected, the hotter markets are having some local bubbles popping, while smaller markets are remaining flat or even showing low price growth.

Delinquencies rates and severity are lower or right at pre-pandemic levels. Loan originations are down, but that is expected with higher rates. The only really worrisome item to note is the Payment to Income ratio is near 2008 levels, but even that has started to fall for now.

If cracks are forming in the US economy, I don’t think it will be housing this time just based off of a quick look of this latest report. Anyone with a more in-depth thought?

https://www.blackknightinc.com/wp-content/uploads/2023/03/BKI_MM_JAN2023_Report.pdf?