Nick Gerli, CEO of a real estate data company, stated that the US 10-year Treasury yield has risen to 5.18% (closing at 5.11% on Wednesday), easily surpassing the 4.8% capitalization rate for single-family homes. This "negative housing spread" phenomenon (where the yield on low-risk US Treasuries exceeds real estate rental returns) is the most significant since July 2007, primarily driven by oil price shocks, a borrowing frenzy, and recent interest rate hikes by the Federal Reserve.