Jill Malandrino says the impact of housing inflation is restraining sales because while people can sell their homes, where will they go right because everything is so expensive to buy. There were more sellers now than homes for sale in fear of not being able to find a home to move into with supply constraints. Jill also says the Fed may behind the curve when it comes to raising rates, and the worst economic condition that could manifest if they wait too long is stagflation. She thinks the economic stimulus has reset prices to a permanently higher level.