Mark Moss

And so that's really affecting the home building market.

On top of that, you have all the regulations that have piled up.

So the cost to build a home, not just the hard cost of lumber and steel, etc.,

but the regulatory costs and stuff have gone up so much.

So there's a lot of problems that are holding the price of homes up as well.

If you look at the U.S.

median average of homes, it's like a perfect proxy for inflation.

It rises with M2, rises with the Fed balance sheet.

So I think inflation is in the seat here.

Sure, we can lower rates a little bit, and that helps a little bit.

But at the end of the day, the last thing I'll say is that nobody really buys the price of the home.

They buy the payment.

And so even if I can bring the rate down, I'm still going to buy the max amount I can afford to buy based off of my income.

And so the price of homes is just going to go up when rates come back down.

And if we could, look at the insurance rates.

45 to 62.

Yeah.

But then it gets worse because then you have the state of California.

We had the wildfires.

And then you have regulatory problems where they've