One-year-ago I characterized it as a feeding frenzy, when there are too many buyers, not enough sellers. Today it's just the opposite the accumulation of inventory is growing.

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My feeling is that right now everyone needs to proceed with caution.

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Naples is a very deep, very liquid, very wealthy market. And in Naples we tend to come out of this a little faster than they do nationally. And I see in Naples a two year period of correction.

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