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

There are still lean inventories in a lot of the hot markets and that's why I have a lot of confidence that these balloons won't burst. They're balloons, not bubbles.

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

When mortgage interest rates first began to rise from record lows, it appears some buyers jumped into the market to take advantage of good affordability conditions before interest rates moved even higher,

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.

There are more fools among buyers than among sellers.