The adjustment is going to be almost exclusively on the commercial side with just a little on the residential side mostly in blue states and in overbuilt metropolitan areas such as NY, St Louis, LA, etc.. I dont see any adjustment on new residential construction or raw land. In the SE, new homes are and will continue to be needed (with the huge influx of both big companies and people leaving the big cities and blue states and moving south). Nobody that currently owns a home and has it financed at 3% is about to put that home on the market because they cant get a better deal anywhere else. With all the existing homes pretty much locked down, and the current rates way higher than what all those are financed at, the inventory required to cause a downward adjustment simply will not be available to feed price adjustments on the residential side. Only way there will be one on the residential side is if, the economy gets so bad that large portion of the population all lose their jobs and can no longer afford to pay their mortgages. If it gets to that point, the country has way bigger problems.