A fight erupts in U.S. housing market as deteriorated affordability clashes with the 'lock-in effect'

This is going to have an interesting effect on the labor market. With people being ‘locked-in’ it will ultimately reduce worker mobility. Combine with the emphasis on ‘back to the office’, this will reduce the labor pool available to employers.

The good news is that new build costs are coming down and builders are starting to ramp up again.