Meredith Whitney describes the housing situation as a "real standoff between sellers and buyers" due to aging baby boomers who are not selling their homes.
Whitney predicts that home prices need to drop about 20% to return to pre-pandemic levels, making homes more affordable for younger generations.
There's a reluctance among homeowners to sell as many have locked-in low mortgage rates or own their homes outright, complicating the market's dynamics.
Whitney emphasizes that while luxury homes may sell, the regular market is depressed, particularly affecting the middle and lower tiers.
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