White House, America's short 10 million homes.

And we remember we read this article a couple years ago that was saying 4 million homes.

And a few years prior to that, 2.6 million homes, right?

But the White House comes out saying 10 million, the White House estimates of how many single family homes the U.S. is missing.

Per the Council of Economic Advisors, annual economic report of the president this dwarfs prior

estimates uh freddy mack november of 2024 said 3.7 million national association of realtors in

june of 2021 said 5.5 million now they're saying 10 million if home building had continued at

its historical pace of 6,000 new homes per million

people per year, the pace had held steady for decades before 2008. The U.S. would have had

10 million more homes today. The 2008 financial crisis essentially cut the home building

grade in half, and it never fully recovered. The medium home price right now is $534,000,

up $534,000, up 52% from Q1 of 2020, according to Federal Reserve

Bank of St. Louis, 40% Americans don't own a home believe buying one in the future will

be impossible, according to CNBC.

Only eight of the 50 largest U.S. metro areas are currently buyer markets. Half of those eight are in Florida.

The rest are Atlanta, Austin, Nashville, Riverside, and a U.S. Senate passed a bill last month,

and 89 to 10 vote, but its fate in the House is uncertain. So when you look at a number like this, they're saying if we

don't use the number 534, we just assume it's $450,000 per unit at 10 million unit shortages

represents $4.5 trillion in housing wealth that could enter the market, could create jobs, could

be good for some people. So when you see a story like this, Tom, how do you react to it? So there's a supply and demand issue on housing, and I'll give you two

case studies. The first case study is Austin. During the big run-up in prices in 2022, we were about

to come out of COVID. We had inflation hit the asset. The underlying assets were hit by the inflation of printing money. So assets,

...