I did the maff on the house I live in now with current interest rates (price has more than doubled from when I bought under a decade ago)......my monthly nut would be well over $5K.

This of course is insane. My house is not worth that. I could not rent for that ("OER" in fed-speak).

But somehow, someway lots of peeps are still moving in and buying, and I mean a lot. Entirely new & pricey hoods and complexes going up seemingly overnight. I surmise that they are taking equity from their old place and moving here, despite the cost. Sure, you might get rear-ended here by Julio, and he will take off running......but at least you won't get car-jacked or enjoy other cultural proclivities endemic in urban environs. Besides, you gotta live somewhere. And since hope springs eternal....no doubt many are thinking of doing a refi if and when rates come down again (i.e. gambling).

To the yutes out there....I recommend living in mommy's basement and save your cash until RE market sanity returns. Who knows when that will be. Bubbles are bubbles for a reason.