The go-to line this year from analysts and economists alike is that “the Fed will push until something breaks.” Increasingly, it’s looking like that “something” might be the weakening U.S. housing market.

“Las Vegas is one of the leading indicators for [home] price action in the housing market, like we saw in 2008 and the recent frenzy. We are absolutely feeling the heat here. The buyer pool has, for the most part, dried up,” Kristen Riffle, a real estate agent in Las Vegas, tells Fortune.

But it’s not just bubbly markets like Las Vegas and Boise that are feeling the pain: This housing downturn is picking up steam nationwide. In fact, as of last week, mortgage purchase applications are down 38% on a year-over-year basis. That marks the lowest reading since 2014.

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