Circle Squared Investments founder Jeff Sica discusses the impact of the real estate industry on the U.S. economy and markets.

If you’ve flipped through the real-estate pages lately – or just tried to pull up Redfin or Zillow – something’s glaringly obvious. Nobody’s moving and nobody’s buying homes right now.

Recently, I took a glance on Zillow at one of the hottest markets in Florida, which is Route 30A in the panhandle. Where it was once almost impossible to see a red dot of something for sale, it now looks like a heat map that a B-52 Stealth bomber just lit up with red dots of bunker busters.

You’ve got homes sitting on the market for weeks – or months – with major price reductions while would-be buyers stare at high mortgage rates, stagnant sales and some places they bought thinking that work-from-home office rules would last forever.

Federal Reserve Chairman Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs on Captiol Hill on June 25, 2025. (Kent Nishimura / Getty Images)

Unless the Fed and Jerome Powell get their act together, our real estate ecosystem will become one large stagnation.

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