[cloverich]

But now that the second mortgage is so much more expensive, fewer people will be able to do it right? More specifically, previously you could borrow against the increasing value of your home, at a low interest rate, to fund the next purchase. This is what everyone on the investment side was doing. With neither of those factors true any longer, it seems this scenario will be less common.

At a higher level, I think this is what the transfer of wealth looked like for the past decade.