Mortgage rates tripled. The crash never came.

In this Episode Kerry Lutz and Jason Hartman break down why U.S. housing didn’t collapse when borrowing costs exploded.

Nearly 25% of homeowners hold mortgages at or below 3%. About 65% are at 4% or less. That “lock-in effect” crushed supply and froze mobility.

Fewer than 800,000 homes are listed nationwide — under 0.6% of America’s 140 million housing units. Owners won’t give up cheap debt. Inventory stays tight. Hartman believes this imbalance could persist into 2032–2033.

Scarcity and utility continue driving prices — even after the rate shock.

The conversation then shifts to immigration and rental housing. Hartman argues most undocumented migrants occupy lower-tier rentals, meaning enforcement shifts would likely hit C-class properties first.

They also discuss Sun Belt migration trends and investor tools like PropertyTracker and Empowered Investor for sourcing income-producing properties.

If you’ve been waiting for a housing crash, Kerry and Jason explain why it hasn’t happened — and what could finally change the equation.

Find Jason here: https://www.jasonhartman.com

Find Kerry here :https://khlfsn.substack.com and here: https://inflation.cafe

Kerry's New Book “The Armstrong Economic Code: The 5 Truths Investors Must Never Forget” is out now on Amazon!

Get your copy here: https://a.co/d/bvYbZOz

“The World According to Martin Armstrong – Conversations with the Master Forecaster” is a #1 Best Seller on Amazon. .

Get your copy here: https://amzn.to/4kuC5p5

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The Lock-In Economy - Jason Hartman