Your last paragraph is pretty spot on.<p>As for housing risk, we spend a lot of time on this. A few points:<p>- Real Estate is very momentum driven and pretty slow. Markets don&#x27;t crash in a day, like stocks. The fastest price changes in 2008 were around 3% per month for non-distressed homes in Phoenix (liquidity drops, but doesn&#x27;t disappear). Our model includes &quot;insurance&quot; that goes up and down as market conditions change, and we believe it is pretty effective.<p>- Diversification by city matters a lot. Phoenix plunged in the recession. Dallas was flat. As we enter more cities, our inventory risk declines.<p>- The risk of another housing collapse (versus decline) is small. Debt to income ratios are sane, banks remain very cautious to lend, and there is a massive buy-to-rent industry now, led by Blackstone, that came about during the recession and quickly buys homes whenever they cross a price threshold to return rental yield.<p>If you&#x27;re a technical person in SF and want to come by the office to learn more about our models and modeling pipelines (pricing, risk, days on market, etc) shoot me an email: jd@opendoor.com