Why is the pandemic not impacting housing prices like that last crisis?

“This Time is Different” is the darkly humorous title of the masterful recounting of nearly a millennia of financial crises by Reinhart and Rogoff. While drawing conclusions about the #housing market at this juncture is like calling a prize fight based on the situation after round one, it’s clear that we will not see a #realestate knockout of the 2008 vintage. 

AEI Housing Center: State y/y change in purchase rate lock activity (wks 20-21, 2020)