Hello, fellow Robo Capital, I hope you're well. So we got big news coming out just the other day about the housing market,

and it is really starting to slow down. Now, there are quite a few submarkets, let's say,

where prices have declined substantially. But what we want to do is see what the overall prices are doing in the United States and try to connect some dots along with the labor market.

I think that's key here and determine if the labor market is going to lead to prices declining in the housing market, which could, of course, feed back on the economy

and make the labor situation even worse.

And that could take us into this doom loop, so to speak, where housing prices continue to

decline.

Will they crash?

It depends on how you define that.

I've always said that at some point,

we've got to get back to an equilibrium where the prices make sense based on wages and

based on incomes at a, let's just say, mean rate, an average mortgage rate of, call it 7 or 8

percent. But we're going to discuss that a little bit later

on in the video. First and foremost, let's go over to the data that has just come out regarding

the housing market and it ain't good. It ain't good. So let's go over to zero hedge. They had a really

good analysis on this. Okay, U.S. housing starts and building

permits plunged in August. Now, what I want you guys to think about in the back of your mind

is, in fact, let me pull up a chart. It's construction jobs because construction jobs,

one of these indicators that is very, very powerful.

And I actually didn't give this enough weight as I should have,

let's just say two years ago.

Now I definitely, and over the last year,

...