“What’s most alarming about this is that ‘June’ existing sales are actually from ‘contracts and price decisions’ made in April and May when rates were at HISTORIC LOWS. This tells me the market — underpinned for 18 months by investors and ‘distressed supply’ — was already exhausted before the historic rate ‘surge’.   Historic, artificially low rates for so long filled so much pent-up demand, pulled so much demand forward, and caused institutional investors to buy so much blindly that years of housing market activity was shoved through the eye of a needle.”

http://mhanson.com/archives/1386

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