HPA declines seem most likely at the high end of expensive markets, at the low end of some FHA markets, and in metros with stagnating or declining job growth.

At the heart of the crisis is a self-imposed shortage of land. “California has made buildable land artificially scarce by putting so much of that resource off limits,” notes Pinto. “The state and towns have imposed the nation’s thickest web of rules to block new construction.” It takes roughly ten years for developers to win approval from towns and environmental authorities for new subdivisions within 50 miles of the coast. For the inland areas, the timeline is more like five years. “

So far, America faces nothing resembling an outright crash. But for the average homeowner, it will hardly bring cheer that the closer they get to the holidays, the more they’ll be watching the value of their cherished ranches and colonials fade.

“We owe it to our children and grandchildren to squarely address the growing housing affordability crisis that has already reached acute stages in California and has spread to many other parts of the nation,” says Housing Center Director Ed Pinto. “These supply deficiencies stifle economic growth and opportunity while creating a worse future for our nation.”

The real estate market continue to transform, but there will always be a need for affordable housing. It is imperative that real estate professionals help all consumers enjoy the ability to own real estate.

The briefing also gave Capitol Hill policymakers a snapshot of how the racial homeownership divide grew deeper during the pandemic

What is the role of real estate, land use policy, public/private partnerships, and funding?

In a recent interview of Ed Pinto with Fortune’s Shawn Tulley on the current state of the housing market, Tulley noted that Ed Pinto makes the most accurate predictions of all the real estate world’s data-crunchers..

The AEI housing arbitrage index aims to measure the extent of how much money an individual could save by selling a home in their current location and moving to another.

It’s always tempting to jump on social science findings to justify a new social program. It’s a temptation we must resist. Instead, we need to rediscover an old formula on which we’ve turned our backs.