Hello, fellow rubble capital.

So we've got a lot of news in the housing market.

I haven't talked about this in quite some time.

I haven't been paying much attention with all the tariffs and everything else that's going on in the world.

But the housing data is getting alarming.

It's getting scary, like we said.

Let's get into it.

I'll show you what I'm referring to.

And there's an angle on the housing market that I haven't heard anybody talk about that I think

reveals really what's going on beneath the surface. And if we're going to continue to see

prices go down or prices go up, depending on what market you're actually in.

And before we get into the data, I want to remind people that when you're looking at nominal

home prices, so if we look at the trailing 12 months and you see a market like Austin or something

like that that's down, I don't know what it is, 5%, 10%. Remember, that's in nominal terms.

That does not adjust for inflation.

So if you have a market that's down year over year by 5%, in real terms when you adjust

which we want to do, because that's purchasing power, that's down at the very least 8%

based on how much you think

inflation is right now. If you think inflation is 5%, then in purchasing power, that market is down 10%.

I want to make sure we're clear on that. But let's go right over to realtor.com. So this isn't coming

from zero hedge. This isn't coming from zero hedge.

This isn't coming from, you know, the doomer and gloomer type.

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