It's Happening: Home Sales Are Officially Worse Than 2008 (Video)
In this 5 November 2026 published video, host Michael Bordenaro talks about how existing home sales volume has indeed dipped below levels seen in early 2008, driven by high mortgage rates and the “lock-in effect” of low pandemic-era rates, though current market fundamentals differ sharply from the 2008 financial crisis. US pending home sales have officially dropped to their lowest level on record, falling below the lowest depths of the 2008 housing bust. A deepening affordability crisis, driven by mortgage rates creeping toward 8% and stubbornly high home prices, has created a severe demand deep-freeze across the nation. While transaction volumes have ground to a halt, economists note that a total 2008-style price crash remains unlikely due to vastly different supply dynamics and stronger consumer equity profiles today.
Annualized existing home sales fell to roughly 4.06 million, slipping below early 2008 levels. Unlike the massive 13-month oversupply of homes that triggered the 2008 crash, active inventory sits at a much lower 4.5 to 8.5 months depending on the exact metric and region, keeping a floor under home prices. Unlike 2008, which was fueled by subprime lending and adjustable-rate defaults, most current homeowners hold fixed-rate mortgages at much lower historical rates, preventing widespread distress sales. Opinions on Reddit’s r/Economics feature mixed opinions: some analysts warn that high prices relative to median incomes could spark severe price corrections, while economists generally point out that steady employment and tight inventory make a 2008-style financial collapse unlikely.
https://youtu.be/X0OKcuReMls
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