 I'm Pat Woodard, and this is Stiefel Investor Insights. Stiefel, where success meets success. Today, I'm joined by Michael O'Keefe, Stiefel's Chief Investment Officer. Michael, over the last few days, we've gotten a lot of data in on the housing market. What have we learned? Well, Pat, housing remains in focus in part because the higher for longer rate environment we've been discussing has meant that mortgage rates are elevated when compared to before the pandemic, a headwind to housing. Consider some data.