Actual Recorded on March 6, 2026, Record date in opening 6th of February , 2026 is Incorrect.
Melody Wright joins Steve Yang to break down what she believes is really happening inside the US housing market right now. In this interview, Melody explains why she believes the housing shortage story is a myth, why inventory is suddenly starting to move, why days on market matter more than headlines, and why appraisals, rental weakness, and credit deterioration are all pointing to deeper problems beneath the surface. She also discusses Airbnb pressure, multifamily vacancies, hidden delinquency issues, non-bank lending, demographic shifts, and what she is watching for the rest of 2026. If you want a sharp housing market interview that goes beyond the usual narratives, this one is packed with data points and hard opinions. #Millettian
Guest Links
https://m3melody.substack.com/
https://x.com/m3_melody
https://www.linkedin.com/in/melody-wright-44204a4/
Host Steve Yang
https://x.com/TheSteveYang
https://www.linkedin.com/in/thesteveyang/
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Timestamps
00:00 Cold Open
01:53 Steve Yang Intro
02:20 Where the housing market really is right now
02:38 Frozen housing market enters year four
03:07 Inventory starts flying to market
04:21 Layoffs, sentiment, and what may be shaking inventory loose
05:24 Why Melody thinks price discovery starts in 2026
06:11 Why the housing shortage story is a myth
07:05 What Steve hears versus what Melody is seeing
07:42 Days on market and what a healthy market looks like
08:28 Why the real time on market may be worse than it looks
08:52 Luxury housing sitting for a year or more
09:17 Rent weakness, vacancies, and multifamily pressure
09:39 Steve asks about Airbnb and rentals
10:01 Why buying now could be catching a falling knife
10:33 When Melody thinks the national narrative turns negative
10:52 Fannie, Freddie, and mortgage-backed security purchases
11:39 Agency loan losses and hidden delinquency issues
12:14 How hard it is to get a loan right now
13:19 Why appraisals are now a bigger problem
13:59 Overvalued appraisals during the covid boom
15:02 Better ways to estimate what a house is worth
15:49 Fraud, leverage, and speculation in housing
17:12 Credit cycle versus the 2008-style narrative
18:20 Non-bank lenders and risky credit behavior
20:04 AI fake documents and underwriting fraud
21:28 FHA exposure and future large fraud risk
22:15 Why this credit cycle differs from the last one
23:18 Who is most vulnerable right now
24:15 Where future opportunity may show up
25:20 Are mortgage rates really the main problem
28:21 The most misleading housing narratives
30:27 Why industry data can be misleading
31:07 Nashville multifamily example and bad occupancy data
33:13 What Melody is watching for the rest of 2026
34:12 Deceased borrowers, probate, and delayed inventory
35:21 Geopolitics, vacant homes, and local policy shifts
37:44 Where Melody thinks housing is going
38:11 Why she says housing stops being a speculative asset
39:35 Airbnb and rental stress become impossible to ignore
41:06 Why Melody says there is no demand for housing
42:48 Where to follow Melody Wright
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