thank you to matthew brooker for featuring this chart.ks housing prices compiled by a local agency. up and away. the green line tracks transaction of the secondary market, they moved in tandem until 2010. but now, there is a huge gap. one local property agency suggest the green light fell to a 20 year low. when will we see the bubble burst? joe: i want to dive into my terminal to look at something that was brought up which is the city economic surprise index. you can see this chart goes back several years, but the red horizontal line is zero meaning anything below that is net. economic data points are disappointing. all year, they have been disappointing. economic data has disappointed all year which explains why the expectations for the first rate hike is getting kicked back. right now they are thinking december is the day they hold up. who knows? the data may continue to deteriorate. scarlet: i didn't realize it was that all year long. alix: deteriorating lending standards and tightening conditions. for more, let's go to david, chairman