0:15 regional banks are affected hard 0:25 pent-up demand 被壓抑的需求 0:40 transaction volume and (number) 1:00 the desire for refinancing and liquidity constraints 2:35 regional banks loan portfolios - deposit disappearing, short sellers coming in, significant real estate write downs on regional bank side. 3:45 it's a 3 stages or 9 stages approach 6:25 demand and supply tailwind 7:10 demographic development sectors, especially with medical office, and senior housing are constrained new supply 8:40 real estate is a long term asset Fed easing would take a very long period to walk its way here