The Lock-In Economy - Jason Hartman

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.comFind 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 This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit khlfsn.substack.com/subscribe