A bubble is something that is self-sustaining through speculative activity. We have big historical examples like the tulip bubble and these stock bubbles and so on where people are only buying that thing with the belief that it will be worth something more the next day or the next year, not because they actually want it.
As I said before, our housing construction has stayed very much in line with our estimates of demographic demand for housing throughout this entire period. It bobbles around but on average it's always on track. So that's an important ingredient that's missing. If we were all buying a second or a third condo with confidence that it was going to rise in price, and sell it to someone else, that would be one of the ingredients you'd expect to see in a true bubble. We don't see any of that, and furthermore we don't see truly runaway pricing. I mean, if we do see strong pricing, we look for other reasons, as economists.