The page looks at a few different indicators of home prices and affordability. The acceleration of home prices has been extraordinary, with the year-over-year change in the Case-Shiller National Home Price index at high double-digits. However, the run-up in housing prices has not been equally distributed geographically. Cities like Miami, Dallas and Phoenix that saw a flux of demand during the pandemic have seen the most extreme price growth, whereas the large metropolitan and coastal areas like New York and Chicago have seen milder price increases by comparison. Mortgage rates have also spiked in recent months, which has begun to take a toll on home affordability for new buyers, which we show on the top-right. As affordability deteriorates, we expect housing demand will slow. On the bottom-right we show the credit quality of mortgage originations which has much improved since the days of the Global Financial Crisis.