And so the result of that, essentially, is that it's super lagging.

Like, today the Fed would say that, like, I think, I don't remember,

but I think that, you know, Renser are currently 5%,

and there's a slowly getting down to where they should be,

which is 3%, on the ground, they're negative 2.5%.

I'm Mary Long, and that's Ben Miller, co-founder and CEO of Fundrise,

a real estate investment platform.

He's also a returning guest to Motley Fool Money.

Dieter Willard checked in with Miller for a chat about what real estate data says about inflation,

the boom in artificial intelligence investing, and the great lag between the Fed and the economy.

We'd last chatted a tail end of last year,

and you were putting out some gloomy podcasts and forecasts about future real estate credit

and this phenomenon that you called the great de-leveraging.

So tell us, what is the great de-leveraging, and what do you see right now?

Wow, yeah, so that thesis was that your interest rate policy for 15 years

and quantitative easing led to an excess amount of debt build-up.

And as that debt build-up came comes due in a new higher interest rate environment,

people have to pay down the amount of debt they have, right?

Because used to have a 3% mortgage instead, you have a 7% mortgage,

which means that if you're a company or you're a commercial borrower,

and some individuals just can't support that,

and they're going to have to pay down or sell.

...