These non-traditional loans transfer risk to the borrower.

The risk of price declines has increased somewhat, but the national and local economies remain strong, which should support a gradual return to an economic climate characterized by slow, steady appreciation.

This dropped to 95 percent with a seven-year ownership term and to 92 percent with a five-year ownership term -- still a pretty impressive rate. Home ownership clearly can be an important strategy for building wealth over the long term.

We expect to see the continuation of the slowing trend in many markets.

The risks are going up nationally, but they're mitigated by a strong labor market and strong economy.

What we're anticipating is a soft landing nationally. The markets will be coming back to their long-term average, which is a 4 percent to 6 percent (annual) appreciation rate.