2/7 Home prices and real estate crashed in 1990 While the US was engaged in the Gulf War in Kuwait. And didn't recover until postwar. US non combatant casualties were greater than combatant casualties.
When we remove the newly created "due to national emergency category", we've actually set a new record for "New 90+ day delinquencies". (guess why that category existed?) 2/6 
First, here's what that divergence looks like for this cycle. But measured as a percentage of the cycle's Peak month of sales. From the Indexed to 1/1/63 FRED chart in post 1. 2/6 
Perspective involves field of view, depth of view, angle of view, proper exposure to the available light, focal length, focal point, speed of process, framing, & right place at the right time. When you practice anything enough, you start to see patterns in the artwork. 2/5 
This beauty is the exact Median sq footage in 2020. 2/5 
And people say history doesn't repeat.
Second all construction employment has shed 5%. 2/6 
Yes you could buy them, but it was also expensive to participate just for one transaction. Hence hiring a buyer's rep. (one of many). You could definitely negotiate what you paid for the service, but like all services, it wasn't free. 2/13
Here's by metro area. @TrishaFLsun take a look at Miami: >50% of households are delinquent enough to face foreclosure/eviction. 
Commercial mortgage dollar transactions were down -53.8% YOY and -54% QOQ 
Here's a view from FRED on what this cycle alone looks like. 
Unless it really is the unemployment rate . 2/3 
From their earnings, margin is being eroded. As @KeithMcCullough and @Hedgeye have said a few times, this year has been an earnings recession. But there's more than just the margin here to evaluate ⏭️ 
The previous chart shows homebuilding cycles from start to finish. Why does that matter? Cycles expand and contract. The contraction can be rough. Here's a look at the peak to trough of building cycles. This cycle has turned and is in contraction. 
