Certainly. I'll try to be brief.
The current affordability dynamics will exert downward pressure on demand. I expect that we will see prices grind lower over the next six to eight months. Inventory is still remarkably low. There's not a lot to buy out there.
The concern looking beyond this immediate year or two, when interest rates will pressure affordability, is that we're starting to see a steep drop-off in investment in new housing, which is partly a function of higher rates. The concern is that on the other side of this housing demand trough, we may be facing a severe supply crunch and very quickly reverting back to the supply crises we've had in the past. We're currently in a trough. We may very well be heading for a severely stressed market going forward.