The US has a trade deficit, that means other countries are increasingly holding foreign reserves denominated in USD. To balance the money flow, the US has to se

The US has a trade deficit, that means other countries are increasingly holding foreign reserves denominated in USD. To balance the money flow, the US has to sell its capital stock to the countries it is importing from, which includes the housing stock. Usually this would be welcomed for housing, because e.g. the Chinese are funding local housing construction at ridiculous prices but Americans hate each other so they try to pull up each other's ladder.