Nilay Patel

It is in the atoms.

And those atoms are pretty local.

And I'm just wondering as you say, OK, well, we can definitely say the data shows we will make you more efficient on x dimension if that's actually convincing.

We have to take another short break.

We'll be back in just a moment.

Welcome back.

I'm talking with Zillow CEO Jeremy Waxman about how very highly regulated the housing market is and how that affects his business.

One of the interesting dynamics, again, of Zillow, it's been around for 20 years.

There's been a lot of acquisitions, there's been a lot of growth.

You're talking now about pretty much vertical integration in the stack, right?

We went from, we have a demand, we can showcase this public database, to now we work more directly with the hundreds of databases that have whatever dynamics they have, to, okay, now it's the banks.

We're all the way up to, we're going to make this transaction, and that's our key metric.

As you integrate vertically, are you running into regulatory concerns?

I know the previous, you know, the Biden FTC would have a lot of concerns about a lot of things.

The Trump FTC, the Trump DOJ, they have different concerns and they express them differently and look very differently in some cases, but with just as much emphasis, right?

I mean, this FTC and this DOJ are, they're not shy about their opinions.

So how has that changed and are you running into those concerns?

Have you guys been having those conversations with this administration?

It's funny.

I'm talking about this and I'm kind of ping-ponging between the experience of using Zillow and then have you talked to Donald Trump about mortgage rates?