In this slide, we take a closer look at the residential real estate environment in the United States. On the left-hand side, we illustrate the year-over-year in home prices by city along with the national index to show which cities are trending above and below the national average. On the right, we illustrate domestic net migration by state. We are specifically showing the top and bottom 5 states. The pandemic accelerated pre-pandemic migration pattern of people moving out of the major coastal states. The states that have seen positive net migrations correspond wit the cities that have seen the largest increases in housing prices.