Residential housing won’t be that far behind. While the house mentioned in this artice, was an Air BNB rental property, it is indicative of the whole residential market.

Millions of houses were bought during the years of zero interest rates both for investment and or to rent out via AirBNB or just rent long term. Since real estate prices, like most things are set at the margin, a huge increase in houses being put on the market because they aren’t drawing enough rent to cover higher carrying costs from both increased rates and property taxes will drive down home prices.

This includes a number of the large private equity and other institutional buyers that bought thousands of single family homes both to rent out and speculate on their value increasing over time, who have recently reversed course and started to sell off chuncks of those holdings. https://www.zerohedge.com/markets/its-airbnbust-home-palm-springs-falls-quicker-meme-stock