...A. a $20-odd trillion economy. B. And we saw our sector share PCE increase. C. We saw Home Depot, in particular, share of PCE increase, and it is starting to moderate. D. So while house prices are a little off the boil from the peak of last year, you're still talking about an asset class that's increased in value over 40%, which translates to $13 trillion of wealth. E. We look at a shortage of housing of at least 2 million housing units. F. I've seen estimates as high as 4 million housing units, and that's why house values are holding up even with higher interest rates, even with lower transactions, house values, again, off the boil a little bit, but sequentially, they're up after trickling down a bit. G. U.S. housing has turned over 4% to 5% a year. H. We know the dynamic of interest rates and so many people locked in to lower mortgage rates under 5%. I. And mortgage rates now over 7%, so people are staying at home. J. Certainly, we see an increase in spend. K. But on the other side, if...
