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And they found on average, when you have a crisis that originates in the finance sector due to too much leverage, too much speculation, on average markets get cut in half and real estate loses about 30% of its value. MILLER: And leveraging off of the technology, the platform for Instagram. RITHOLTZ: And now? RITHOLTZ: Wow.
And lastly, the final priority on the list, but arguably the most important is starting the path to reduce leverage and derisk the balance sheet. Given the necessary actions we took to navigate the past few challenging years, our leverage ratios are currently not at optimal levels. We've covered a lot today.
Home closing gross margin for the quarter was 24.8%, which, combined with SG&A leverage of 9.9%, resulted in diluted EPS of $5.34. Overall, we do expect markets to return to a more balanced new home versus resale equilibrium in the future, with some of our submarkets already experiencing increased competition from existing home inventory.
We are already the market leader in multiple businesses and are focused on building our scale, increasing our operating leverage, broadening our solutions offerings, and leveraging our commercial platform to capitalize on Iron Mountain's unique position as a truly end-to-end solutions provider transcending both the physical and digital worlds.
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