The boom is winding down to an expansion.

Demand is not slowing down. It's just going to another location.

The housing sector has likely passed its peak. The boom is winding down. I expect continued softening in housing if rates remain at these levels or go higher.

The housing sector has likely passed its peak . . . and the boom is winding down to an expansion.

Housing activity has peaked and is coming down a bit, and we expect further cooling in the coming months. We feel confident that housing is landing softly as rates continue to rise.

The air is coming out of the balloons.

The good news is that inventory levels are improving and housing supply will come closer to buyer demand in 2006. We expect a healthy and more balanced market next year.

We are returning to more balanced markets between home buyers and sellers, one that places buyers on a more even footing.