The Resilience of the Housing Market in the United States

The current theory is that A, supply has not matched to demand for the residential real estate part of the economy. And B, existing home sales inventory has diminished because everybody's clinging to their low mortgage rates that they got before the Fed started tightening. So we have and we continue to have on all metrics a very low inventory of homes for sale in the U.S. Torstenkopf: You can only conclude with the recovery in the housing market that we're seeing in the last three, four months that the Fed has just not succeeded with slowing housing down.