IN THIS REPORT
● MONETARY IMPOTENCE – A close look at the key decoupling of central bank policy and housing market activity. p. 1 – 2
● BOND MARKET VIGILANTES: THE TERM PREMIUM THESIS – Inflation expectations and fiscal uncertainty send the long-end of the curve rising. p. 2 – 4
● LABOR MARKET DETERIORATION – Troublesome trends in the labor market suggest further weakness in demand. p. 4 – 5
● THE 2026 RENEWAL WALL – A mass renewal of mortgages at higher rates could land some borrowers in hot water. p. 5 – 6
● INVESTOR EXODUS – Why the perfect storm for investors could force a deleveraging event. p. 6 – 7
● TECHNICAL ANALYSIS – A look at relevant charts for further clues regarding the sector’s health. p. 7 – 8