This locks in strong odds of a January move. March is still a toss-up. I think the Fed in its own admission is in the neutral zone.

When we look back a year from now I think we'll recognize the summer of 2005 as the peak of the housing boom.

Merck is trying to send a very strong signal out there: 'Don't think you're going to toss you're hat in the litigation game and wait a couple months and we're going to toss you some money,' ... They're saying, 'If you're going to play the litigation game, you better be serious.'

We can't extrapolate national trends from Manhattan markets.

There's already been a considerable softening in housing demand which preceded the recent rise in mortgage rates. Which leads me to believe that the weakness at a minimum will continue, and may likely accelerate.

This is a return to normalcy, and that is especially good after what seemed like a much more serious event for the economy just a month or two ago.