This report from Apollo Global Management analyzes the current state and future outlook of the U.S. housing market. It highlights factors like low housing supply, high mortgage rates, and rising unemployment that are impacting housing demand. The report also examines housing supply, including new home construction and existing home inventory. Additionally, it explores house price trends and discusses how affordability issues could impact future market activity. The report concludes by comparing the current housing slowdown to previous market downturns.