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You think people can afford to pay cash?
I think people sign up for 30 year mortgages because interest rates are below real inflation and they can make an arbitrage, as they benefit from the cantillon effect because 'housing always goes up'.
I also think cheap debt drives shortages in housing, its a symptom of currency debasement and does not reflect a support for prices.
You're right, of course. People can't. But there are gazillions of dollars in private equity sloshing around, particularly now because those dollars have fled the market that Trump's tariffs are cratering. Private equity is happily ready to soak up all the distressed pricing housing available and turn more people into unwilling, permanent renters.
Yeah it's how so many wealthy people are able to double their fortunes during recessions like in 2007/2008. They're buying everything at a discount.