I don’t think it’s even started (but I’m definately biased in that I’m hoping for a big correction). But with that caveat, so much borrowing was done in a hugely over inflated market. Lag effect of mortgage defaults hasn’t started yet. Seeing prices down 7%-10% in areas I’m looking to buy. Fed funds forecasted to rise to 6% in March so more stress on borrowers refinancing in coming months. Think it’s comes to a head end of year first halve of 24. We shall see. Hoping the leverage gets flushed (obviously lots of regular people set to lose but that’s the price of free market dynamics 🤷🏻‍♂️)