This has been discussed here many times in many different threads. Unless we are invaded by hordes of Europeans, this will have a very minimal effect (if any). Remember that Europeans still have to work jobs to pay their mortgages, and that their jobs are back home in Europe. If they move to the states they’ll be paid in dollars and will be in the same boat as the rest of us. A few might move here and bring a bigger down payment because their Euros have swollen in dollar terms, but that’s a one-time-only effect.