Is the Fed Raising the Cost of Capital?

In a correction, start with an unemployment rate of three point five %, an over 11 million job opening. So we are going to see a huge wave of foreclosures hit this market over the next 12 months. It's not going to be a two thousand nine level wave of Foreclosures, but it doesn't have to be. If only 500000 to a million forecl closures hit the market in the next 12 Months, that's going to be enough on its own to increase inventory in the housing market by 30 to 50%. You're sorry to see a scenario where this housing crash could be worse than the one in two thousand eight, at least in terms of value declines.