Consumer confidence is very low.

If you look at this chart, you will find that the consumer confidence has never been as low as it is now In the history of this instrument. It was not this low in the great financial crisis. This may effect consumer spending. People may be ess likely to buy a house, a car, or go to a restaurant. When consumer confidence goes down, it can be related to a recession. People are being affected by inflation. There may also be concerns about the economy. This may lead to shifts in spending habits. This is likely to affect the housing market. Consumer confidence could go lower if there are mass layoffs. 21% of investors are bullish. 46% are bearish (Notes via financial education on YouTube)