
While not the primary focus of this website, the US housing market is nevertheless a notable interest of mine and something that I will post updates on from time to time.
Last summer, I wrote a piece hypothesizing that the large share of current mortgages being held with now-unattainably low rates would interact with the still-expensive price of homes to limit liquidity in the housing market by 1) “trapping” current homeowners in their current mortgages (“golden handcuffs”), reducing supply and 2) suppressing demand from buyers who cannot afford to buy homes which remain expensive, but have much higher borrowing costs.










