Housing
Housing is the largest asset class most people will ever touch and the least honestly analyzed. We follow the deeds, the permits, and the institutional bid.
The Housing Supply Problem
Everything wrong with American housing traces back to one root: for decades, the country made it slow, expensive, or illegal to build modest homes where people want to live.
Why the Sun Belt Keeps Winning
Texas added nearly half a million residents last year. The Sun Belt's real advantage isn't sunshine — it's the willingness to build. But the model is being stress-tested.
The Mortgage Lock-In Effect
Tens of millions of households hold pandemic-era mortgage rates they can't take with them. Here's the arithmetic of the golden handcuffs — and what FHFA research says it has cost.
Builders Versus Existing Homes
New construction became the only functioning corner of a frozen housing market. The reason is a financing trick existing sellers can't copy.
Housing Isn't Broken — It's Frozen
Home prices never crashed — transactions did. Understanding why America's housing market froze, rather than broke, explains almost everything strange about it.
The Institutional Bid: Who Actually Owns American Housing
Wall Street owns a small slice of America's houses, so why does it feel like investors are everywhere? Because where they buy matters far more than how much.
The briefing, before it's obvious.
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