We don't have enough data to know how big a problem this will be.

At some point in the future, California probably will have another big housing recession. It is possible at that point that prices will fall meaningfully, as in the past they have done. That is clearly a negative for people who own homes. But for those who don't own homes, that will . . . give them a pretty good chance to buy in the next up-cycle.

Fortunately, continued job and income growth and the overall economy growth will help to offset the fall in housing activity that otherwise would occur.

We obviously track the mortgage activity and understand that overall share, but we don't focus on how many homes are being purchased by investors without a mortgage. That could be a more interesting part of the housing picture.

In some parts of the country, affordability has fallen to levels we have not seen in 20 years.

We'll still be doing a lot of this content. It just won't be in a stand-alone show.