We've had this problem for the last decade where there's been a a deficit of housing inventory. Now that demand is softening, builders are building less. Builders are also building less because interest trates are increasingrit so that makes their ability to borrow funding much more costly. Increase interest trates don't just impact builders; they also impact retail buyers and some investors. When interest rates increase, retail buyers are able to afford less home within their budgets,. And so all of this impacts demand.

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