more likely around 6.5%. When the 2007 housing crisis started it was around 4.5%, max 5%. Multi-family mortgage/rents delinquencies are even worse, around 12%. Yeah, that's not good.

For Utah the housing market isn't as bad, but there are cracks forming. Days to sell are around 46-47 days, which is below the national average, but 30 percent are having to significantly drop prices in order to offload their house. Also, the number of listings in Utah has increased 15% in the last three months, which will put more pressure on people to lower their asking price.

None of this is good. People made home purchases and real estate investment decisions when rates were 2.5% not expecting them to shoot up so high so fast. There's just too much data out there that suggests a nationwide correction is coming, and while it won't be as bad in Utah, it will still be pretty bad.