The Real Eisman Playbook

The Iran War is Masking Economic Problems: Why Housing is So Expensive | The Weekly Wrap

38 snips
Mar 27, 2026
Guest
Philippe Lord
Philippe Lord, CEO of Meritage Homes and leader in affordable entry-level single-family housing. He talks about why U.S. housing affordability has worsened. Short takes cover post-COVID demand shifts, land and labor cost drivers, regional price gaps, and Meritage’s strategy for growth and balance-sheet resilience.
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INSIGHT

Private Credit Redemptions Signal A Credit Cycle

  • Signs of stress in private credit (redemptions, downgrades, higher non‑accruals) indicate an early credit cycle tightening.
  • Steve Eisman points to redemption caps at Apollo and Aries and a Moody's downgrade of a Future Standard/KKR fund.
INSIGHT

Why New Home Demand Stayed Strong After COVID

  • New home demand stayed strong after COVID because existing homeowners were rate-locked and couldn't trade up, creating a captive audience for builders.
  • Philippe Lord says underbuilding since the Great Recession plus five years of surge produced sustained demand for new homes.
INSIGHT

Builders Buy Down Mortgage Rates To Preserve Demand

  • Large builders subsidized mortgage rates via captive mortgage subsidiaries to sustain sales as market rates rose.
  • Lord explains Meritage and peers buy down customers' rates with points through JVs or owned mortgage arms.
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