Dolly Lenz and Jenny Lenz break down a housing market strained by high mortgage rates, weak builder confidence, falling sales and a severe lack of supply. They explain why luxury real estate remains resilient, why new construction may offer buyers better opportunities, and why they don’t expect mortgage rates below 7% anytime soon. They also discuss the lock-in effect, affordability challenges for younger buyers, weakness in Sun Belt markets like Austin and the pressure facing homebuilders.