Shout out from Rio de Janeiro where Jason opines that BRICS and their attempt at circumventing America's currency and challenging the US dollar's hegemony is not much to be alarmed over.

Then Jason welcomes Selma Hepp, the Chief Economist of Core Logic. They discuss the challenging state of the real estate market and noted that the market was facing issues due to rising mortgage rates, which led to a decline in transactions and mortgage refinances. Additionally, she highlighted that existing homeowners were benefiting from this situation due to their low mortgage rates and increasing equity. Selma also pointed out that the volume of home sales was down by 18% last year and was expected to decline by a similar amount this year, while mortgage origins were likely to be down by 30-35%. She also mentioned that the inventory of available homes for sale was at its lowest level historically, a quarter of where it was before the great recession. Despite this challenging market, Selma didn't expect much change until the spring of next year.

Key Takeaways:

1:28 BRICS

Selma Hepp interview

3:30 Who benefits in the current housing market

5:19 A decline in sales volume down and it's effects on inventory and prices

9:21 Slicing the MLS data

15:44 Decline in home sales driven by lack of affordability and supply

18:04 The Single Family rental market data

22:41 Where the Single Family market is headed

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