And so I think at some point there is like the rates come down and meet that leveling off of all those prices converging. And my hope is that it's going to be early next year.

This suggests that activity should regain momentum in the quarters ahead providing the energy shock fades and confidence returns - especially if market interest rates fall back to pre-conflict levels.

One concern is that because rates are still elevated and you know, we're not building a lot of apartments or rental units that eventually rent inflation will take off again.

When rates get above 7%, especially when they move up fast, housing demand slows down noticeably.

But all of this makes this a better buyer versus seller equilibrium.

So now if home prices were rising faster than wages, that would be a concern for me.

And I'm of the thought that homes in the United States cost too much money.

I think that the home price is the problem, prices are the problem.

Construction is multi year lows in housing construction, that's not going to get any better any soon.

We've had a downtrend in housing construction for years now. Now rates spiked up again.

And so I would say in general in the south, we see that it is easier to develop, develop new pipelines than it is in the Northeast.