TFTC: A Bitcoin Podcast #718: The Housing Market Is Lying To You with Melody Wright
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Feb 21, 2026 
Melody Wright, housing market analyst and investigative researcher, exposes cracks in U.S. housing and labor data. She discusses hidden home-sale declines, off-market deals and MLS blindspots. Conversations touch on rising delinquencies, private-credit risks, municipal strain, and why price correction and on-the-ground data matter.
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Sub‑Two Deals Left Borrowers Liable
- Investors bought defaulted homes via 'sub‑two' deals and then often walked away, leaving original borrowers on the note facing foreclosure.
- These shadow transfers suppressed delinquency counts but now unravel as prices stop appreciating.
Institutional Landlords Face Material Stress
- Large institutional single‑family rental players face rising losses in CRE and single‑family portfolios, creating systemic knock‑on risks.
- Political moves to restrict investor buying function as partial bailouts or precursors to intervention.
Affordability Requires Price Correction
- Affordability is structurally broken: median incomes don't align with median home prices and young cohorts can't form households.
- Without wage growth or real demand, home prices must correct to restore affordability.