This page looks at a few different indicators of the housing market. On the left-hand side, we show the extraordinary run-up in home prices during the pandemic, followed by a spike in mortgage rates as the Fed tightens policy. As demand looks set to cool in the housing market, many investors are worried about a housing crash akin to 2008. However, housing prices are unlikely to crash because the inventory of homes is at dramatically low levels, shown on the top right. Additionally, credit quality in mortgage originations is in much better shape than the '06-'08 housing bubble, reducing the likelihood for widespread defaults in a housing slowdown.