Housing market affordability will slowly improve in the foreseeable future, characterized by flat or slightly negative real home prices, modestly improving mortgage rates, and continuing growth in real wages (the 'Great Stall').
"affordability can get better, but it's going to happen slowly. It's going to happen from the combination of three things. Real home prices flat or slightly negative. mortgage rates modestly slowly improving, real wages continuing to go up... unless a couple of weird caveats happen, I think this is probably what we're in for for the foreseeable future. ... But if things keep on the same path they're on, this is likely what we're going to see."