We see a flattening of housing starts and the beginning of a cooling process.

I basically have a wait-and-see attitude with some healthy suspicion about this report. Either there is something that all of those other reports are not telling us, or this will get revised.

We've been in a period when a lot of equity has been dropped in our laps, and it has been fairly easy to get to that equity in tax favorable ways. In these circumstances, savings will fall given the strong consumer attitude in America.

I call it the hidden supply or inventory. It remains to be seen how big a deal this [investor inventory] is, but that's the big question for housing this year.

My overall assessment of the housing sector is that we probably fundamentally topped out in the third quarter of 2005 in terms of home sales and housing production.

It's been an unprecedented run for the housing sector.