 The housing recession is back on Goldman Sachs and Wells Fargo agree. I was reading this article the other day by Lance Lambert and I said, you know what, let me just bring Lance on the show and hear this straight from the horse's mouth. So that's what I did. That's what I have for you today. We talk about the feds, you know, pausing rates for now. We talk about this double dip housing recession, what they're seeing. We'll also talk a little bit about the trial, the central Burnett trial that just ended before I get into that. I want to do a survey. If you're watching this, I want to know from you, my viewers, do you believe that we're heading into a double dip housing recession right now? Or do you feel like right now is a great time to buy seeing how the market has softened a little bit as it does every fall? Let me know in the comments what your thoughts are on the current housing market and let's dive right into this interview. What's up Lance? Good to see you. I want to dive into tons of stuff here. We've got the feds decision yesterday on their rates. We've got the lawsuit with NAR and the other brokerages. I'd like to get your take on and I've been reading articles with your new founded Rezzy club, which have been just very in depth in terms of, you know, housing data and analytics and stuff like that. One of the articles was mentioning a double dip housing recession. I just want to get your thoughts on all this stuff and let's just start with the fed rate decision yesterday. Yeah. So the fed left things unchanged, stayed put, and really it was less about if they would raise rates, which people nobody thought they would really raise rates during this meeting, but it was more of what is their kind of commentary, right? Are they trying to still take like this more hawkish stance where it's like, hey guys, while we're not going to be hiking more, we might be holding for a really long duration to see this job through or is it kind of, you know, inflation's decelerated significantly from the height is this kind of more of a dovish statement. And I think at the end of the day, the thing that matters the most is how do financial markets react? Where does the market go? And what we saw is a little bit of a rally with bonds over the past few days. And when bonds go up, yields go down, mortgage rates go down. And so today, we just saw the average 30 year fixed just a few minutes before this call followed a 7.51% as measured by mortgage news daily. And the guy who calculates it says that right now there's a really wide gap in terms of what's out there in the marketplace today, one of the highest ever he's seen. And what he's seen is a lot of people were actually even getting low, low sevens or it was the gap. A lot of people now are getting like seven and like the gap between the average and what people are getting. Well, so the the what the gap in terms of what is out there that builds the average, right? So if the average is 7.51, a lot of those are still eight and a lot are seven. And what I could suggest is we're in a few day period where things are going to move down faster than people than what the average is showing today. That's what it suggests where there's some lag where some people are still kind of pricing to the older yields and it kind of is moving down. So the past few days, this has been a pretty abrupt move down in terms of mortgage rates and a move down in terms of yields. And so from the peak of last month, the average 30 or fixed mortgage rate as measured by mortgage news daily was 8.03. And now we're at 7.51. So we're down over 50 basis points. So a little bit of movement, you know, obviously affordability is very strained still. And we are also in the seasonally softer window, you know, housing is very seasonal. And in this slower season, we got hit by, you know, a little bit of a more of a run up on the mortgage rate shock, which is kind of felt. And so some of the analysts like Wells Fargo and Goldman Sachs have put out recent reports, kind of suggesting that housing activity might have a little further to fall that, you know, quote unquote, the housing recession, you know, might be back on. And so to me, when I hear that, you know, of course, the existing market, the existing home sales are very low, but it's not like they've been falling much further, right? Now, speaking right now, yeah, October wasn't the greatest, but it's not like we're in like the free fall of last year on home sales, right? Yeah. We really only break churn once and by churn, I mean somebody who would put their home on the market to sell it and then go buy something new. That segment of the market is really what caused the huge drop in home sales is because there just wasn't the churn because people had the two, three, four percent mortgage rates didn't want to go sell their home, take on a seven or higher now and, you know, give up that low monthly payment because the end of the day, the monthly payment is so key for families. And so we saw that churn pull back, but it's like you can only do that once. So it's like, even though we go to eight percent, it's like how much more can home sales really go down? So what I did this week is I reached out to Allie Wool who is the chief economist at SONDA and what she is great at is she's really close with the builders and single family home building. That's her specialty. And so if the housing recession is in fact double dipping, it would be felt there, builders would be feeling. Yeah, well, what she said is she's not ready to call this a double dip housing recession. She said one month does not make a trend necessarily. So I think everybody agrees that October wasn't the best. It wasn't the best month, but it's like it doesn't necessarily mean that we're back to the latter half of last year in terms of like activity really pulling back. And builders have kind of looked resilient because they had those expanded margins during the pandemic housing boom, and they've been able to take some of that and do things like the mortgage rate buy down some of the incentive money help for down payments, cash assistance, and they've been able to keep that the net new orders rolling and I'm seeing a bit of a recovery in the first half of this year. You know, no question the past month, several weeks is not been great, but it's like this is also the seasonal week period and we just got a huge run up in mortgage rates. So now it's like, do mortgage rates come down a bit more? Are we going to get more relief there? And also the seasonality effect as we start to move into the seasonally stronger period, you know, if we get a bit of a move down in mortgage rates, could it create the same effect that we saw last year, which last year heading into January, the market just kind of came alive, right? Mortgage rates are coming down from like seven to seven three. Heads are like lower sixes. That affordability improvement coupled with the adjustments that builders had made and really kind of figuring out where the pain points were in the market and doing the mortgage rate buy downs really helped to stabilize the market. And, you know, in some markets, we saw a slightly above average home price appreciation, especially in the bottom third of the market in the northeast and the Midwest, the entry level was particularly hot, despite mortgage rates going from three all the way above seven or six last year. Yeah, new construction, you know, not having a great, you know, last 30, 60 days or whatever. Talk about that for a second, because a lot of people are taking that and running with it that this is, you know, home builders getting desperate and this is it. This is the big crash and things are going to go down from here. How much of this is, what are the stats and how much of this is true? Yeah. So what we've seen in the latest Zonda report is the majority of builders held prices flat last month. And then there was a group that was moving down on price. They were mostly Mountain West States, Utah, Colorado. And one of the reasons those now this is very important. The new home market is not always necessarily the same thing as the existing home market. And in some markets during the pandemic housing boom, the premium, the difference between what the builders charge and what that individual market down to the zip code level charges, that premium between resale and new home prices got really wide during the pandemic because builders charge homes for more. Yeah. So Katie home CEO told me that in markets like Denver, they started charging above zip code levels like 30%. And normally they're 15. So when the mortgage rate shock occurred, builders in those markets were put at a disadvantage because buyers who pulled back a bit and they were so far ahead of resale. So they needed to do some adjustments. And so some of those adjustments are probably still kind of happening now that we're in the seasonally soft period and, you know, mortgage rates have shot up so fast, but it's not like a free for all. It's not a fire sale happening across the country. And in fact, some of the builders raised prices through the first six months of the year, which then in the back half of the year, they can use that increase in prices to adjust more into incentives. Builders was going to be a, you know, seasonality was going to hit and it could hit a little stronger than usual, given how high rates are. Uh, but again, this is a factor of seasonality and how high the latest run up and rates got during that seasonal week period is how I market right now. Yeah. No, I got the ones I bought that were new construction were well under the median price of, uh, of my local market, you know, and I was like, hell yeah. Well, yeah. So yeah, some places the builders have gotten themselves into a great spot because during the pandemic housing boom, some pockets of the country, in particular, I think a lot of the Southeast, the new construction prices didn't get that far of a premium above the existing market. And so as we went into the mortgage rate shock and if they adjusted prices a bit down and added things like mortgage rates, they were in a better spot. So there's been a lot of this regional bifurcation going on. And even within markets, there can be two very different stories, depending on the new home market and this existing. Um, and then also a very different story between, you know, luxury and the top, which is very expensive and many parts of the country hit harder and that entry level where some of the buyers who were, you know, maybe looking higher up now that mortgage rates went so high, they're like, well, I need to kind of reign in my expectations. And that's caused more of a heating on that bottom third of the market. In particular, given that the move up buyer slash seller is gone. And so if the move up buyer isn't listing their homes and isn't listing those entry level, that's a net decrease on the supply of entry level. And then net decrease on the demand for the move ups and luxury because their demand is not going in. So, you know, housing is, um, you know, very regional and then also things priced here, product type, and then whether it's new or existing, all of those things matter, um, especially in an environment like this. How is the luxury market doing, um, like the high end luxury stuff? Yeah. So the, so Zillow, uh, the Zillow home value index breaks down the market by the bottom third, the middle and then the top third. And so whenever you hear about Zillow home crisis going up or down for the national market, or even like you see my regional charts, I'm doing, that's really only the middle third of the market. So it's from the 33rd, 35th percentile to the 65th percentile. Um, and right there, we're essentially at all time highs for home values. Now the bottom tier of the market, um, is actually like two or three percent above the, where we were at the height of last year, whereas the middle of the market is essentially flat or just above the top of the markets down like two or three percent. And when you break it down and you look at like the very high luxury or in particular markets like San Francisco and San Jose, that luxury is down about 15%. Um, and so there are markets like Seattle and San Francisco and San Jose, where the top is down like 15%, the middle is down like two, four percent. And then the bottoms went up a couple. It's very interesting how it's, uh, played out. Yeah. It's kind of a mixed bag out there. I see Austin, I think they're down like 10%. Right. Year over year. Yes. Uh, Austin down 10% year over year. Um, and then Austin, um, net from the peak, they're down like 12 to 17%. Or 17, depending on which source you use. So, you know, I would call that a meaningful correction in Austin. Of course. But the whole country hasn't seen a meaningful correction. Right. Right. Right. So the Northeast, and you look at Hartford, Connecticut, they're up 8% year over year. Um, and so it's been a very interesting market. And, you know, I think people like, uh, you and me, who are like, with our audiences, we're kind of like more into the weeds. We get into the nuances. I think, uh, we've done a good service to people where it's like, you know, hey guys, it's not all one thing, you know, it varies a lot out there. And let's really get into like the nuances of what's, uh, driving this. And I think a good job with that, Ricky. Yeah. Really local. Um, this, this Goldman sack article, the double dip housing recession. Um, I thought it was interesting, the forecast, which I don't know if anybody's ever got a forecast right, but, um, but, but their forecast showed, you know, the, you know, a couple percent increase over the next couple years and then like a 5% increase in 2025. And I thought it was interesting and you may have been the one to actually write this and realize this and do these calculations that, that even at the, you know, 1.6% and then the 2.4, whatever it was for next year, it, at that time we're still under the peak where we haven't even got back to the peak, people are going to see positive appreciation year over year from January 1st to December 1st in 22, 23, 24, 25. And they're going to think it's just going up, up, up every year when really it peaked out and it isn't even really going to reach that peak because the peak happened mid year. Um, and it doesn't really get calculated in the annual, um, appreciation numbers. Um, I find that very interesting that we're actually not going to get to a new all time high based on that forecast for another couple of years. So, so what happened is, and what, and what did they actually mean with this double dip recession? If you could just explain that. Yeah. So what Goldman Sachs and Wells Fargo are predicting. And, and so we have, for the Case Schiller, for national home prices retaken last year's peak, but what Wells Fargo and Goldman Sachs are both predicting is in these final months of the year, we will give up just a little bit of appreciation to where we fall under last year's peak, but we still are up for 2023. Is what they're predicting and then they're predicting for next year that essentially we'll have a little bit of growth, but still kind of end up right around that 2022 peak at the end of 2024. And then in 2025, they both kind of think we'll normalize depreciation. So they think it's still like, you know, appreciation kind of held back a bit for maybe 12 more months. And I think at the end of the day, if this were to come to fruition, obviously this wouldn't have been a crash, nothing, not a crash at all, nothing close to that, not even a meaningful correction, but it really just kind of going sideways for a period of time, which I think, I think people in the industry probably should want prices to not be ripping again, right? This is a breather is good for the market, especially when you look at how much affordability has moved up and deteriorated. And then you look at how much that's suppressing transaction volume. I think affordability, getting a breather would be good for the market. But, you know, you look at the fact of how low active listings are and how little inventory there is in the market. And if rates were to move down enough, there's going to be pockets of the country where, you know, prices might, you know, do what we just saw in the entry level of the Northeast and Midwest, which is kind of push up higher. And I think that's something the Fed wouldn't like. But at the end of the day, how economics works is, you know, the Fed doesn't really get to pick what happens to prices. The market does. Yeah. Yeah. And I think that's the problem there, because if mortgage rates come down a little, we're going to see some action. Yeah, I think it'll be bifurcated, but yeah, I think you're right, there's parts that will be, there's going to be action. I mean, the fact that there was action like there was this year and the bottom third of the market in the Midwest and Northeast, where we're talking about prices moving up 8%, which to me, that's kind of like pushing to what I would call overheating. The fact that prices in some parts of the country could get close to overheating, given that mortgage rates went from three to seven is kind of incredible and incredible in a bad way, at least for the consumer. And I think also, you know, people will make their money on transactions because that run up in affordability is creating an artificially low level of transaction volume, is my view. You look at the data and everything for those markets that are borderline getting overheated with rates going to seven and a half, eight percent. What's the breakdown of those buyers? You know, is it a lot of cash buying going on? Is it a lot of new construction? Is a lot of existing homes doing rate buydowns? You know, or, you know, what actual percentage, if you know, are actually buying homes at a 8% rate, a high sevens rate? So what we know, looking at the data, is that a lot of the places that are moving up in prices this year that have kind of moved up a little more than expected, were places where one properties there relative to a lot of the other parts of the country are more affordable, right? And why that matters is not just more affordable, but more affordable on a price-to-rent basis. OK. So if you wanted to go find cash flow this year, you're an investor and you were going to find it, the entry level of the Midwest and Northeast was actually some of the better places to find cash flow, because cash flow for an investor who's buying a single family home and a lot of parts of the country was ripped out as mortgage rates soared. Just can't buy some of these properties, put them on the market and collect the rents. So next thing you know, you know, they're a drain and you're having to put money in them each month, which can be dangerous for an investor. And so some of these parts of the country continued to keep investor activity moving and actually attracted some outside investors who were pushed out of their own markets. So that's key. Second is a lot of these markets didn't have a lot of home building, not a lot of single family home building going on. You know this well, but the South and the Southwest and the Southeast, they dominate for construction. I mean, it's essentially where the home building happens to where a lot of the migration is happening up into the Mountain West, Southwest, Southeast and Central and Texas and a lot of these Midwestern and Northeastern markets didn't have that. And so what happened if you had those builders in your markets is those builders had the margins to do things like the buy downs and these great incentives, which attracted people who might have been looking at the existing market where there's not a lot of fresh new stuff coming on to look at the new construction market. Well, in these pockets of the Northeast and Midwest, you didn't have that. You didn't have the great mortgage rate buy downs. So what you were kind of left with and the best deal out there was just the cheaper markets at the bottom of the market. And so they saw more of the competition who was priced out at the top kind of moved down. They saw some of the investor activity come in and they didn't have that competition. Builders that that at least that's my view. Yeah, no, that that makes a lot of sense. Moving over to this trial, I saw that you I didn't read the article or I believe that you posted an article about it. Correct. Yes. I didn't read your take on it. I followed the whole thing all the way through and reported on it all the way daily. What what your thoughts? Well, a little more interested to hear your thoughts, but I will pull up my story. You know, this is way more in your wheelhouse and so definitely want to know what your story is. But mine is I think for one, I think the lawyers are going to win here. I think that's I think there's going to be so many trials in the legal system for them. And it's not just coming after some of the top road bridges. You're going to see law firms according to one real estate boy or I talked to go after the little guys like there is just so much legal battles that are coming from this. My biggest takeaway and you know, I think it is a bit of an earthquake in the industry and I think it's we're kind of going to find out and I think the big outstanding question here is was this a small quake or the first tremor in something much bigger. But it does look like the defendants are already going to appeal it. Yeah. But you know, there are it is going to trigger trigger more lawsuits to. Well, the lawyer immediately filed another one that that day just a couple of minutes after the the verdict was read. No, I mean, you think about worst case scenarios and you know, the whole reason buyer agency is a thing is because a long time ago, there was no buyer agency. And there was what's called sub agency and the buyers weren't being represented. And so that's why this came into play. Now we fast forwarded how many ever years, you know, many, many, many decades. And now we don't remember how bad of a system that was where buyers didn't have any representation. And so the sellers are just and people that agents have been going public enemy number one, dude, they're just like people like you guys make too much money. You don't do anything. And what they don't realize about NAR and the way the whole system's working with the state and the local associations and MLS and syndication and all that stuff is that the way it stands right now, every single buyer has access through one portal to see every property for sale because it's a code of ethics to put the property on MLS when you list a property. So for the most part, every listing is in one place where buyer can see everything. If we erase NAR and we erase buyer agency and we erase a lot of the rules that are in place and code of ethics and stuff like that. Well, now agents don't have to put their properties on MLS and that's not going to be great for sellers because now their property is not getting in front of every single eyeball. I mean, I'm going to turn into a pay to play where agents will have to pay to put the listing on Zillow. You know, there'll be some things out there, but there's no rule that says you have to do that, right? It's like the like the sellers are going to lose because not all the buyers are going to see their their listing. I don't believe in this world that they want to go to the buyers aren't going to all the buyers aren't going to see their listing. The buyer agents or other agents aren't going to be incentivized to bring them a buyer. And then for the buyers, like when that seller sells and then goes to buy a property, they're not going to be able to see all the properties for sale and they're going to have to pay for representation, whether that be through a lawyer to look at paperwork or an agent. But see, they were saying that this was inflating home prices and inflating seller cost, but when you do it the other way around because it's always going to sell for a praise value. Sellers are not going to take less than a praise value, so they're going to pocket that two or three percent and then make the buyer pay on top of that if they want representation of some source. So now they're inflating the home price of what the buyer has to pay. Right. So it's just a. Yeah. So mine, you know, I've seen like Axios put out a story this morning about how this could decrease home prices to me. I don't really see too much impact either way on the house. The thing is, is the listing agent is the seller is still going to say listing agent represent me to the highest form because they're still paying them three percent or two percent or whatever and the listing agent knows what they're doing. They're going to get on the highest price, which is the appraise value versus for sell by owners. They get like 10, 15% less on average than if you go through an agent. Yeah. Yeah, I just that. Yeah, I just think the, you know, and if there are short term impacts on price, maybe, but what was their basis on it lowering prices? I didn't even read it because to me, you know, well, one thing is I read and study so much about house prices and the house prices are one of the hardest things to bring down. They they they're very sticky. And a part of that is because a consumer can leverage 30 years of future incomes to buy the home. So the financial system is a backstop to prices because there's always more demand coming in and they can leverage that future income of there. So it's it's really hard to bring house prices down. And the few times that it happens are under extreme circumstances. I mean, you look at Austin right now, Austin's down what 13 to 17%. Well, Austin house prices went up 70% during the pandemic. And if you zoom out before that, they were up like 250 something percent. So the reason that Austin was able to see prices fall is there was so much California money rushing in during the pandemic. It was pretty much trading like a meme stock and it got so far detached from local incomes that there had to be something to give. Right. It just was too far with the mortgage rate on top of it. But if you look across the country, mortgage rates have went from 3% to 8% and now national house prices for existing homes haven't even moved that much. So if mortgage rates going from 3% to 8% doesn't. That's my thing with house. Kind of like, you know, and and even if you go back to the 08 crash, the 08 crash was the biggest shitbrew you could even come up with. I mean, the ninja loans and just everything that happened. And then you have the GFC financial crisis, which causes one of the, you know, sharpest economic downturns and prolong for so long and then coupled with what was going on at the time was a ridiculous number of US manufacturing jobs were getting absorbed overseas and so that middle class support in a lot of the country that was sucked out during that time period. And so there was a perfect storm to cause that crash that, you know, for somebody to say, you know, something like this would move prices down in a meaningful way to me, it's just kind of absurd. I mean, I'd had to really understand everything to give a great educated opinion on it, but I'm always going to start to my default of it's very hard to bring prices down and, you know, and I have to be convinced otherwise. Well, it's about as absurd as the plaintiffs on stand for the past couple of weeks, one's mother was an agent for 30 years. And she's like my mom would be so proud of me for doing this, right? She says she has she sold four houses and bought five. So she paid the five or six percent for four and got five free representations, no money out of her pocket for the five buyer representations. She says she's got I think she said five kids who are coming into their buying years. And if she can do something for them, then by golly, she's going to do it. And this is unfair practice, right? What she doesn't understand is that she's putting her kids in a situation when they become first time home buyers, when they can barely scrape up the down payment that they're going to have to figure out how to do the transaction on their own unless they come out of pocket to hire a lawyer or real estate agent to help them through the transaction. You know, it's like and then her mom, who was an agent for 30 years, let's get her to refund all those buyer agent commissions that she received paid for your life. Yeah, you know, it's insane. Well, yeah, that's a good point is, you know, you're usually on, you know, if you buy a home, you're eventually going to sit that home will eventually be a transaction again. And so you'll be on that side of it. Yeah, that makes sense. Now, going back to the point before, I'm not saying that house prices can't fall and that, you know, we can't work into a scenario where there's more correct in cross country. I'm just saying that when X, Y and Z news happens that so many people just assume that it can so easily move prices. Yeah. And so that was the really the point. Who wrote the article? Axios. Axios. So I had to take a look at it. All I read was the headline and I was just like I'd like I'd like to I'm going to look it up and read it because I love I'd love to hear the take of what, you know, their bottom line theory was on home prices going down because the seller is not going to take less than praise value. I go based on a praise values. Yeah. You know, it's a seller is going to take 3% less than a praise value because a buyer agent commission isn't involved. I don't think so. OK, they're going to get as much as they want. That's why they're on the stand in the first place. Yeah. And so I think one of the things that's working against the industry right now, and it is the fact that affordability has deteriorated so fast so quickly. There's a lot of bitter and jaded people right now. Yeah, affordability is just squeezed so hard. And I think they're kind of looking at play outlets to kind of take some of that anger out. And you could even see when the ruling was announced, how many people were cheering for it. And, you know, I mean, I'm somebody who writes about housing all the time, and I'm still trying to like catch up to make sure I understand all these ins and outs of it. And people who are barely probably know very, very little about the situation are all super excited about it because to them it's like, oh, it's a punch at the industry. And I think for a lot of those people, you know, just kind of the affordability deterioration. And one of my theories that I put out this weekend is that I also think because affordability is so deteriorated right now. And people are kind of looking for outlets of frustration. I think the sink. I think that short term rentals are there's going to be more of a headwind against them on the legal side. I think that's going to start to pick up steam because it's like that was already a brewing, brewing frustration where whether it's true or not, people are the narrative is that they're taking up single family rentals and that's hurting the market and driving up prices. And so I think there's going to be more municipalities that push against short term rentals is mine. I think so too. We in a town I live in Gulf Shores, Orange Beach, Alabama is right next to us. And a long time ago, years and years, they outlawed short term rentals Airbnb's in the residential subdivisions. There's still like two subdivisions that are single family homes. Of course, all the condos you can still rent short term. But when I saw that happen, I was like, I'm never going to get into the Airbnb game and all this short term rental, short term renting these single family residences and stuff like that. I kind of figured that this was coming a long time ago on that and that the same thing with agents. I honestly, and that's why I never started my own brokerage was that was that I had this premonition that this can't last. This whole thing cannot last something's going to happen. I don't know what. But now if they if they get rid of buyer agent commissions and the buyer has to pay their own commissions, they make that like a really rule like a policy, a law, whatever you want to call it, we'll lose like half the agents in the country. Wow. Yeah, it's a ton of agents. And that's what I mean of like, I think that that Tuesday ruling was an earthquake, but it's still kind of figuring out was it a small quake? Yeah, you know, the first trimmer and something much, much bigger. But definitely it was significant. It's just we don't know as of today, you know, what is today? November 2nd, 2023. Is that? Yeah, it is the second. OK, I got my date, right? We don't 100 percent know what the full outcome of all of this is going to be. I think we'll wake up in a world where some listings offer buyer agent commission because the seller is OK with it. They understand what it does in the world of competition, that it that it releases their listing and gives people incentive to sell it. And I think we'll see right next to that listing, the next listing in the same neighborhood have zero going to the buyer agent. I think it'll be a mixed market where the buyer agents have to kind of navigate how they're going to handle it. I think they'll put it in the contract when they make an offer on something that doesn't offer buyer agent. They'll put it in the contract. You know, here's their offer. You're going to pay the buyer agent fee of 2% or 3% or whatever. I think we'll be good. Yeah. And so, yeah, I need to jump off here. I probably need to run and crank out a couple of pieces today. Good out, man. I'm fixing to make some videos myself. Good. Good chatting with you. Thanks for coming on. Yeah. Let me do a quick. Let me promo a Resi Club analytics. Yeah, absolutely. If anybody wants to read the free daily newsletter, they can go sign up at ResiClub analytics.com. Or if you follow me on Twitter at newsletter, I have the link in my bio again, ResiClub analytics.com. There's also a Resi Club grow. So the Resi Club newsletter that's free is once every day. So if I have a week, Resi Club Pro, the premium membership is three additional articles a week and then access to my Lance Lambert house tracker and Lance Lambert price tracker, which does metros, counties and zip codes. Cool, man. I'll link all that in the description below. You guys have a great day, Lance. Thanks for coming on. See you, Ricky. There you have it, ladies and gentlemen. I hope you enjoyed this. I read every comment. So be sure to leave your thoughts below and don't forget to hit the subscribe button and let me know if there's anything in the world that I can do for you. Let's go.