Thanks. Would be interesting.

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Excellent piece. Well researched. Easy to understand for the reader.

Q: as the most highly capitalized by value asset class in the US ( by a factor of xxx), a general slowdown would be welcome for the Fed & new buyers.

To what extent does a sticky > 4% through ‘23-24 along w/ an extended slowdown ( recession) play into homeowner psychology insofar as they are having difficulties today w/ lower real wage growth &, persistently high food, energy, oil prices?

Another way to ask is when it’s clear economy is landing hard &, the FED has failed in threading that needle, how much shit do you expect to hit the fan when property markets slows considerably (as stocks - that usually lead the way 1st- by then -year end ‘22 will have lost 30-40% from their Dec ‘21 highs) ?

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