There are other factors, as well, such as wetlands and other environmental constraints.

If four dwellings per acre is compatible with the existing character of the hamlet, I'm all right with it. But I'd like to see the density decline as the rings go out.

When we do our analysis, it includes these factors. It shows us the various scenarios of what that would look like, given the application of those factors.

The affordability issue becomes very real when mortgage rates rise because a lot of people have taken out interest only loans or adjustable rate mortgages thinking that rates would stay low.

We're going to see a lot of the money that has been parked in real estate move back to stocks. Wealth should not be centered in your residential real estate, which is going to return to more stable to flat appreciation.

When so-and-so is closing up shop, it's a reflection of what's happening in the investment world. It's not that the hedge fund world is coming to an end.