Graham Stephan

It's not adjusted for inflation.

So that's a very good point.

Again, I can only refer back to that spreadsheet because I don't have a crystal ball.

But I know what happened last time.

When rates went up 700 basis points, it took 14 or 16 years for it to come back.

This time, what did we do different?

Well, we raised them over an 18-month period.

So my guess, it is a guess, you can call it a prediction if you want, educated guess maybe, is it will take between 8 and 10 years to get back to normal.

And that just means prices stay flat.

Well, first and foremost, you're absolutely right.

We're going back 70 years or whatever it is.

So again, it is a long time ago.

Well, let's go to something a lot more relevant, the GFC, the global financial crisis, the housing crash where people have PTSD and just think it's going to happen again.

Again, I invested through that environment.

I actually sold all my houses in 06.

So I didn't have any houses in 08.

I had 80 apartment buildings.

So again, I've been doing this a long time and made a lot of great calls.

So why did I do that?

Well, in 2006, 51% of mortgage originations were adjustable rate mortgages.