What's Going on in the Housing Market?

Housing is having some cooling effects manifesting recently but at the same time we haven't really seen the housing roll over in the way that it did during the financial crisis. Most US households have 30 year mortgages they had the opportunity to refinance while the rates were at zero and so they don't necessarily need to tap the mortgage markets right now. So I think the number is 75% of households with a mortgage are paying 4% or less. As long as they have jobs that pay decently I think they don't really need to sell and they don't need to relocate.