As Robert Palmer nearly sang, US housing is simply unaffordable. If we look at the Case-Shiller National home price index against real weekly wage growth, you can see the problem clearly. Since Covid and The Fed’s overreaction by providing staggering monetary stimulus, home prices shot up while real median weekly earnings collapsed. Buying a house requires a much bigger slice of people’s income now — making this the most unaffordable housing market since 1984, by one measure. And that crushing lack of affordability isn’t expected to improve much in the near future. In just the last few weeks, US home...