.
Those with plenty of unaccounted for money?
Windfall from IPO?
Strike lottery?
In Austin, I run some numbers. At 5.3% mortgage rate 20% down 30yr fixed, PITI is 50% more than rent, no reason to buy at all. At 6%, reason for buying is even lower. At such high mortgage rate, make sense to buy only if prices drop drastically (40% drop from ATH) or rent increase dramatically (50% increase from current market rent).
Now, I am warming up to your forecast of 30-50% drop in house prices if Fed continues to be hawkish for a long period of time.