All right, guys, wanted to take a minute to check in on the state of the housing market

as we head into 2023.

And as with all things in the economy, the picture is kind of mixed and a little bit complicated.

Let's go ahead and put this up on the screen.

This analysis from the Wall Street Journal, they say, why this housing downturn is not

like the last one.

If you could leave this up on the screen because there's a chart there on the screen that

you can see, the levels of equity this time around, even as we have experienced

a huge housing downturn, including a decline in prices that started sometime around May,

but you have much more equity with homeowners.

So there are fewer people who are in the category of potential foreclosure.

You have people with a lot more wiggle room in terms of their financial picture.

Now on the one hand, that's good.

Obviously, you don't want people losing their homes being foreclosed on.

That's like a seminal event event in people's lives.

It's extraordinarily traumatic.

It's horrific.

People still have the scars and are still recovering from what happened last time around.

On the other hand, the reason why people's equity is so high compared to their debt is because

basically, at this point, you have to be rich in order to be able to purchase a home.

So people who were able to purchase homes, who had the mass amount of cash they needed

upfront in order to get their foot in the door and compete with private equity in all

...