Steve Saretsky

I'm going to ask them.

Or is it just people had too many –

Like, Keith, I'm assuming the point you're trying to make is like, hey, if the labor market gets significantly worse from here, yeah, I think you would see probably, I think, a significant jump in foreclosures, right?

I think a lot of it today is.

Actually, you know what, Keith?

You know what another thing is too?

Yeah, well, we chatted a little bit with Ron last night as well.

And, you know, like not this is a big secret, but the reality is is falling home prices –

I think is playing a fairly significant factor as well too, right?

So think about this as like nationally your house prices are down about 20% from the peak.

It's the sharpest home price correction since like the 80s.

So it is a historical price correction that we've endured and specifically in certain metros like Vancouver, Toronto, you go to the suburbs, prices are down 30%, right?

And so normally what I think we've been used to over the last 20 years is

Listen, if you got into some financial hardship or some difficulties, maybe you can't afford your mortgage anymore, you could just sell.

You could normally just sell your house.

You'd have a relatively liquid market.

And the market would typically be a little bit higher.

So you could sell, recoup all your down payment and your realtor fees and lawyer fees, and you'd get out.

I think today, obviously, when home prices are down, call it 20%.

a lot of that equity has been vaporized.