| now so gdp grew at 5.7 percent last year | 6.961 | Jump to 21.199 |  |  | 
              
                
                  | 6.9 in december i'm wondering how much | 5.76 | Jump to 24.96 |  |  | 
              
                
                  | rise uh something like around 10 basis | 4.48 | Jump to 45.44 |  |  | 
              
                
                  | already slowing even though that fourth | 3.681 | Jump to 60.239 |  |  | 
              
                
                  | out of the first two quarters of next | 3.92 | Jump to 65.68 | 
                      
                        
                      
                        DATE
                      
                      
                        the first two quarters of next
                      
                     |  | 
              
                
                  | year so we think somewhere between two | 3.68 | Jump to 67.28 |  |  | 
              
                
                  | and three quarters and three percent | 2.8 | Jump to 69.6 |  |  | 
              
                
                  | several things are changing first of all | 3.281 | Jump to 83.119 |  |  | 
              
                
                  | price appreciation in 2022 | 5.36 | Jump to 137.44 |  |  | 
              
                
                  | those two things at the margin will | 4.48 | Jump to 140.64 |  |  | 
              
                
                  | first-time home buyers | 4.24 | Jump to 145.12 |  |  | 
              
                
                  | first-time home buyers now there is a | 5.92 | Jump to 170.319 |  |  | 
              
                
                  | go too far even if rates say break four | 4.72 | Jump to 176.239 |  |  | 
              
                
                  | accounts are about two trillion dollars | 3.121 | Jump to 188.959 | 
                      
                        
                      
                        MONEY
                      
                      
                        about two trillion dollars
                      
                     |  | 
              
                
                  | hard to find one | 4.161 | Jump to 209.519 |  |  | 
              
                
                  | like something between 15 and 17 | 5.44 | Jump to 215.76 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        between 15 and 17
                      
                     |  | 
              
                
                  | uh something on the order of 18 increase | 5.44 | Jump to 236.48 |  |  | 
              
                
                  | in house prices in 2021 | 6.479 | Jump to 239.04 |  |  | 
              
                
                  | following about a 15 increase in 2020 | 7.039 | Jump to 241.92 |  |  | 
              
                
                  | our estimate is that uh in 2022 the | 5.201 | Jump to 245.519 |  |  | 
              
                
                  | the seven to eight percent range uh it | 5.359 | Jump to 250.72 | 
                      
                        
                      
                        PERCENT
                      
                      
                        seven to eight percent
                      
                     |  | 
              
                
                  | seven or eight which is much higher than | 3.921 | Jump to 256.079 |  |  | 
              
                
                  | your house you have to find another one | 3.36 | Jump to 263.68 |  |  | 
              
                
                  | has one house to sell that's there are | 4.081 | Jump to 270.639 |  |  | 
              
                
                  | so it's been a tale of two cities right | 3.84 | Jump to 290.32 |  |  | 
              
                
                  | second time buyers or they're investors | 4.479 | Jump to 298.56 |  |  | 
              
                
                  | but what about for the first time home | 4.0 | Jump to 301.039 |  |  | 
              
                
                  | well the big challenge for first-timers | 4.56 | Jump to 318.16 |  |  | 
              
                
                  | the for the first time buyer that will | 3.92 | Jump to 334.8 |  |  | 
              
                
                  | driven by those two factors of declining | 5.84 | Jump to 359.6 |  |  | 
              
                
                  | which is one of the reasons that nominal | 5.36 | Jump to 410.88 |  |  |