Interest rates dropped this week to their lowest points since October last year, sparking a 20% surge in mortgage applications.

While housing remains unaffordable for many, some real estate experts say were on the precipice of a market crash, but only in certain regions of the country.

In this episode, we speak to a former Wall Street analyst and financial author about why this

housing bubble is unique and what he expects to see in the near future.

I'm Georgia Howe with Daily Wire, editor-in-chief John Bickley.

It's Sunday, March 9th, and this is a weekend edition of Morning Wire.

Joining us to discuss what he's calling the weirdest housing bubble ever is financial

analyst and five-time author John Rubino. John, thanks so much for coming on. Oh, sure, Georgia. Good

to meet you. Nice to meet you, too. So you had a recent substack where you said

that we are living through the weirdest housing bubble ever, and you outline a few reasons for that.

Particularly, you point to the age of first-time homebuyers. Can you unpack why this is such a

unique time for homebuyers? Well, yeah,, the way a bubble works is that the price of something

starts going up and it keeps on going up and eventually people get so excited by the rise in

price that they experience FOMO, fear of missing out, and they start piling in. And you get a lot of

action as the price goes up. But houses have become so unaffordable that the market is kind of frozen, even though prices

are just insanely high.

And a normal person, especially a normal young person, cannot afford to buy a house in the

United States right now.

And the median age of homebuyers now is in the 50s.

It used to be 30 or so, 30, 35 year olds.

And now the only people who can afford to buy a house are basically people who are at their

peak of their lifetimes of earning and have a lot of money saved.

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