00:00I just quickly want to delve into what's happening here in the markets with Nora Melinda. This
00:05downturn that we're seeing in homebuilders is pretty severe and it's coming straight from the
00:08White House as a potential antitrust action is invoked by the administration. Nora, this is not
00:15playing well with most of the homebuilders today. What are you seeing in New York?
00:18Yeah, Joe, not really playing well with the homebuilders. I'm looking at an index S15 home
00:22that tracks a lot of the biggest U.S. publicly traded homebuilders in the United States. And we
00:28are seeing shares of that index. We're looking at it down just below flat. So we are seeing it
00:33pairing some of the deeper declines that we did see earlier in the session here. But really what
00:38the focus is right now for the Trump administration is on affordability. I mean, we know that's what's
00:42been on the mind of a lot of voters right now. So you're certainly seeing Trump coming in here,
00:48the administration more broadly, trying to crack down on the housing market and find a way to make
00:53it a bit more affordable. That's what they're really laying out here. We just had a couple
00:57days ago, just talking about Trump homes. We've been talking about the 50 year mortgage that was
01:01floated not too long ago, but also just thinking about how he can really appeal to voters in this
01:07time period. And the average consumer, given the fact that we do know that the housing market is
01:11really fractured right now, it's actually seeing the highest, most expensive homes in more than
01:17decades. But I mean, we do look at the mortgage rate, the 30 year fixed mortgage rate in the U.S.
01:21is now sitting around 6%. So not as high as it was before, but still very steep for those who are
01:26looking to purchase a new home.
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