Alex DeGrasse

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Yeah, that's correct.

And listen, it's rare when I get to correct the great Stephen K. Bannon, but in this case, I think it's really important.

I've just been studying this issue so closely that I know it and have read about it a lot.

The average first-time age, first time, is now 40 years old.

40 years used to be considered getting into middle age, right?

Your life was already quite matured by then regarding home ownership, family formation, all of that, and we're seeing the reverse.

Now, by the way, that number, to put it in context, in only 2021, when Biden took office,

That number was 31 years old.

So we have gone up a decade in only four years.

Why?

Because credit standards are incredibly strict, incredibly tight.

Many of these buyers are all cash or at least largely cash buyers.

And that's one reason why I believe that this current run up in housing prices, there's a lot of folks who try to compare this.

to what happened during the great financial crisis or preceding it, I think it's entirely different.

This is the opposite of no-doc mortgages and those liar loans.

These are tight credit standards.