There's a massive lack of supply.
There are old neighborhoods that need to be gentrified. There's people that are moving from much larger markets to sell their higher-priced stuff.
So we're trying to build supply. So we've seen home prices come down.
Revolving debt increased to $1.2 trillion.
A pretty high amount in the month of November to December, like a 68% increase.
So we're starting to see some balance sheets feel a little strapped.
We have not seen the job market really take a hit yet. There are layoffs that are going on out there, but there's still 10.4 million jobs open in America with a 3.5% unemployment rate. So the economy and job market are still strong.
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