Also a lot of inventory building for affordable homes in undesirable neighborhoods. I got tired of looking for homes (so much debt and risk) and now I'm trying to convince my wife to rent a house so we can sell ours. Subtracting maintenance and other home ownership costs, renting is a wash or cheaper and I have all my equity in the market paying returns and liquid.
Unless someone decides to increase your rent by 75%.
From the buying side this sounds like good news, not that prices or interest rates are good deals now, but that sellers aren't holding out for higher prices, etc and conceding a bit. This would help put pressure on prices to moderate.