The number of large housing markets with falling home prices has tripled just since January.

And the data says even more markets will follow in the coming months.

Zillow has revised their nationwide home price projection down for the rest of 2025.

This trend, of course, has huge ramifications for real estate investors and industry professionals.

Today, we're going to

dive into what's happening in the housing market and how you can use these trends to your

advantage in your own investing. Welcome back to On the Market. I'm Dave Meyer. Lance Lambert

is back today on the show. He's the co-founder and editor-in-chief

of Rezi Club. Lance is going to help us break down the expanding trend of softening home prices.

We'll dig into some intriguing data about single-family home permits and his analysis of how

far mortgage rates would need to fall to create the refinancing boom,

I think everyone's waiting for. Let's dive in. Lance, welcome back to On the Market. Thanks for being

here. Good to see you again. Housing, housing, housing. There is always so much going on in the U.S.

housing market, especially right now. I love it. Well, that gave me the intro I was going to do,

but you already covered it for us. So for everyone who doesn't know, Lance runs a website and

newsletter called Resi Club, always looking at real estate data. So let's just start with sort of the

big headline that I think a lot of people are wondering about, which is home prices. We're now seeing a lot of major forecasters downgrade their forecast for the year.

What's behind all of that? And can you give us some details into how bad or good, depending on

how you see it, things might get.

Yeah.

So I think the big thing here is that there's been a widespread softening occurring in the housing market for a bit.

And when you look at the nationally aggregated data right now, all of the major indices are seeing a deceleration and their rate of appreciation. So if you look in the

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