As I mentioned at the beginning, there's no question that you can't have inflation without an expansion of the money supply. The problem is that it's not a one-to-one relationship. You can't say that if the money supply increases x per cent, you're going to get y per cent inflation, and you certainly have a lot of trouble saying you're going to get z per cent inflation in a subcomponent of the economy like housing. But clearly there's a broad association there.
It's not just the monetary stimulus; it's also the fiscal stimulus, all this money that we transferred to people. It wasn't just low interest rates, and it wasn't just that we maintained incomes; we substantially increased people's incomes. That gave them the wherewithal to make down payments, to meet the criterion for buying a house.
So the two go hand in hand.