In this podcast, J.P. Morgan Research analysts examine the resiliency in US home prices, despite slower growth and higher rates, and the commercial real estate crisis. They provide insight into the drivers behind the frozen housing market, the challenges facing homebuilders, and the evolving role of Fannie Mae and Freddie Mac amidst discussions of GSE privatization. The discussion delves into the impact of tariff and immigration policies, particularly on the High Yield housing sector.   Speakers: Joyce Chang, Chair of Global Research John Sim, Head of Securitized Products Research Michael Rehaut, Head of U.S. Homebuilding & Building Products Equity Research Anthony Paolone, Co-Head of REITs & Real Estate Services Equity Research Chong Sin, Securitized Products Research Nick Maciunas, Head of Agency MBS Research Arjun Chandar, North America Corporate Credit Research   This podcast was recorded on July 3, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.