Mortgage rates hit 7.375%+, matching 1998 levels. But housing prices are 3x higher now. Real affordability is at historic lows—worst buying conditions in modern history. This is a structural demand problem. Homebuilders ($KBH, $DHI, $LEN) face headwinds. Existing home sales will stay frozen. Watch mortgage REITs and regional banks with heavy resi exposure. If rates don't come down fast, housing becomes a dead asset class for retail buyers. Institutional cash buyers and PE firms are the only game left.