On this slide we take a closer look at construction activity in the residential real estate market. The main reason why home prices are unlikely to crash is because the supply of homes is at dramatically low levels. On the top left, you can see that the inventory of new and existing homes for sale is sitting near 40-year lows. While today’s housing market clearly needs more supply, we show on the top right that single-family housing starts have only slowly recovered since the GFC and more recently have started falling again due to higher mortgage rates, worker shortages and deteriorating homebuilder sentiment. On the bottom left, we take a look at the rental market, where vacancy rates are at historical lows, underscoring a similar supply problem for renters. However, housing starts in the multi-family segment, which includes apartment buildings and condominiums, have held up better so far.