Housing distress: mortgage-rate rebound/volatility past 6.5%, refi plunge, foreclosures, neg equity, hail/ins crisis and affordability crash

Mtg6.23-7% Iran spike to6.5%+ Houston pmts+$115/mo apps-10%/listings+15%YoY DOM69d cash sales/NAR CRE Q4'25 metro splits (Miami/Austin/SF/NY uneven)/CMBS multifamily delinq7.15% Mar +171bps YoY +30bps MoM NY/NJ/Houston heavy/Trepp GSE refi $650B 2028-32 sub-10% debt stressed/spec serv11% MF+45bps/ICE delinq3.72%/ATTOM forecls+20%/AL USDA postponements/Zillow/Redfin inv surge price cuts22.6%/lawmakers aff hsg push. Personal danger: foreclosure/ARM/equity/ins/delinqs/rent crash/buy traps/RE/SFR/zombie/afford/wealth/mig/homebld/homelessness/tax/bank liq.