[samlevine]

> If every house is overvalued by some metric, then maybe the metric is wrong.

We're seeing people moving, and supply limits are influencing both rental prices and purchase prices. It's a weird housing market.

The question of the rationality of the valuation is:

1. Do you expect these migration patterns to continue? 2. If so, when do you expect new construction to pick up the slack for demand? 3. How bad of a recession is the Fed going to cause to break inflation?

> housing that should depreciate over time.

It does, amusingly. Housing stock ages and units you build now will generally be worth less in 10-20 years. Land is the thing that can appreciate in value.