The Airbnb collapse is real. Revenues are down nearly 50%  in cities like Phoenix and Austin, Texas Watch out for a wave of forced selling from Airbnb owners later this year in the areas hit hardest by the revenue collapse. 1) What's scary for the US Housing Market is just how many Airbnbs there are. Data from AllTheRooms shows 1 million Airbnb / VRBO rentals. Compared to only 570k homes for sale. Creates huge home price downside if struggling Airbnb owners elect to sell. 2) Ground zero for this Airbnb collapse is a city like PHOENIX. Where the number of short-term rentals (18k) is more than DOUBLE the number of for sale listings (8k). Mix the huge Airbnb supply with revenues down -50% and you get a cocktail for massive forced selling. 3) Another area with huge exposure is Eastern Tennessee. Particularly a vacation town called Sevierville in the Smokey Mountains. In this county there's 10x as many Airbnbs as homes listed for sale. While the revenue per owner is down nearly 50%.