00:00Just to give you an update here on some stocks that are moving in the market right now,
00:03following a Truth Social post by the president in which he talks about
00:06taking immediate steps to ban large institutional investors from buying
00:11single-family homes. He will be calling on Congress to codify such a move.
00:16In his Truth Social post, he says the American dream is increasingly out of reach for far too
00:20many people, especially younger Americans. People live in homes, not corporations. He will be
00:25discussing this topic of banning large institutional investors from buying more
00:29single-family homes, including further housing and affordability proposals, at his speech in Davos,
00:35Switzerland, in two weeks. You're seeing an immediate reaction in key companies like Blackstone,
00:40which owns many single-family homes for rent. That stock down more than 6%. We're also seeing
00:45homebuilders come under pressure as well. Lenar, for instance, Invitation Homes. In fact, the S&P
00:50homebuilder index right now is down. And if I look at the constituents in that index, you can see that
00:57right now more are falling than gaining. And in fact, there are only three gainers out of 18 members.
01:03KB home, D.R. Horton, among the biggest decliners, off by at least 3%. So just once again, reiterating
01:09the headlines here, the president posting a Truth Social tweet that he is going to address the
01:15affordability concerns of many Americans, especially when it comes to residential housing, saying that the
01:20American dream is increasingly out of reach. And he is taking immediate steps to ban large
01:25institutional investors from buying more single-family homes. And he will be calling on Congress
01:30to codify this. He will be discussing this topic and more at a speech in Davos in two weeks.
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