Major US homebuilders are slashing new-home prices—dropping 25% from peak levels back to 2017 valuations. The narrative of "healthy demand" doesn't hold water here. What we're actually witnessing is an affordability crisis playing out in real time. Higher rates have crushed purchasing power, forcing builders to cut prices just to move inventory. This isn't market stability; it's a slowdown with teeth. When housing—the backbone of consumer wealth—starts contracting, ripple effects spread across the entire economy. Worth watching as a barometer for broader economic health.