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.

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

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.

Our core business continues to expand at double-digit rates as equity options and other derivative products are increasingly embraced by investors as integral components of their investment and risk management strategies.

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