Buying a home is becoming nearly impossible for people who don't already own one, and lower rates may not fix it.

• It's already very hard for first-time buyers to get into the housing market.
• Mortgage rates are expected to fall sharply, from around 7% down to under 2%.
• Cheaper borrowing won't help much, because lower rates push home prices higher.
• If rates drop and prices double, buyers end up no better off than before.
• The likely result is a "renter nation" where most people rent instead of own.

Outlook: Expect more renting and rising home prices if interest rates fall as predicted.