Less financial leverage separates the present decline from the sub - prime mortgage collapse.

 I'm constructing a house, so I spoke with a Realtor to explore selling my current property in a year.

 Fewer residences are for sale, therefore sales are down compared to a year ago.

 He agreed when I said you can't scroll Twitter without seeing house crash forecasts.

The NAHB Property Market Index has plummeted. Existing and new home sales are down, and affordability is like 2005.

Some believe a 2008-style housing crisis is coming. Mortgages rose from 3% to 5.5%.

 Poor underwriting allowed no-money-down mortgages, "liar" mortgages, NINJA loan repayments, interest-only mortgages, and other developments.

AAA-rated bonds contained mortgages. These high-risk bonds were bundled into top-rated CDOs.

 Wall Street created risky bond and CDO credit-default swaps.

 Mortgage rates, bonds, CDOs, and CDS have no market.

Without leverage, a generational bear market is possible.