The bottom line is that it will be challenging to substantially improve the labor market data because the numbers are so good now. I say challenging but not impossible. If the national economy remains on track, then we will achieve some improvement.

We've expected existing home sales to weaken for some time. It does appear that we're starting to see that trend manifest itself.

Even if the local economy stays strong in 2006, as many analysts project, it is difficult to imagine that significant improvements can be made over the 2005 figures. From a historical perspective, last year was exceptional.

As this transition has taken place, it's taken away the summer spike in unemployment.