Mortgage rates at 7.40% have frozen the market without crashing it. I price the lock-in in dollars, put odds on what happens next, and compare Palm Beach, Miami, Naples, Sarasota and Tampa with measured data. Then I show the one piece of infrastructure that lowers the cost of moving: instant settlement.
NAR’s settlement is affirmed, and the MLS compensation field is gone. With fees negotiated in daylight, a brand must prove its distribution, its title readiness and its closing execution. A logo can signal trust. It cannot create liquidity.
Part 2 of 2. The Federal Reserve graded against its own 1913 charter: the Great Contraction, the dollar’s loss of about 97% of its purchasing power, the dual mandate, The Powell Housing Paradox™, Warsh’s first hike and why putting the Fed under the Treasury would backfire.