Housing and commercial real estate have been a very important part of the economy in the Southeast and Florida. Banks are financing all of the development.

At the depths of the '82 recession, Reagan looked like a goner, but the economy came back and so did Reagan's fortunes? He stayed the course. Had he faltered in his policies in '82, we might not have seen as much progress in '83 and '84.

This may start to pinch some consumers' wallets.

The rapid pace of appreciation and other negatives has made housing become very unaffordable. About one-third of home buyers can afford the median price of a house using the traditional down payment of 20 percent down.

The industry has performed very well. We've seen record levels of profitability.

While Florida has been an incredible job engine, wage and income growth has been relatively soft.