I call it the hidden supply or inventory. It remains to be seen how big a deal this [investor inventory] is, but that's the big question for housing this year.

Water supply is a big deal -- second only to the air supply. If we ran out of water, that would be an extreme situation,

We sympathize, but that remains to be seen.

I basically have a wait-and-see attitude with some healthy suspicion about this report. Either there is something that all of those other reports are not telling us, or this will get revised.

We've been in a period when a lot of equity has been dropped in our laps, and it has been fairly easy to get to that equity in tax favorable ways. In these circumstances, savings will fall given the strong consumer attitude in America.

My overall assessment of the housing sector is that we probably fundamentally topped out in the third quarter of 2005 in terms of home sales and housing production.