Housing activity has peaked. Inventories continue to rise. I see the housing market continuing to soften.

November's numbers confirm that housing activity has peaked and is now slowing.

Housing activity has peaked. There are no balloons popping.

I truly believe the housing market will continue to expand. But rather than the double-digit price appreciation we've seen, we might see that drop to a 5 or 6 percent appreciation sometime toward the end of next year.

Many of our hot housing markets are transitioning from a sellers' market to a buyers' market.

The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.