Part of the reason we ended up with such a frothy housing market was that we were getting an increasing role of investors—not people who were making homeowner-occupied purchases but people who were doing that as an investment, either to sell it down the road or to rent it out, or whatever the case might be. Usually the arithmetic of that decision depends on how much it costs to borrow the money and what the prospects are for potential capital gains. Well, as we know, home prices have been falling, so that particular aspect of it has been moving in the wrong direction. Also, of course, borrowing costs have gone up quite significantly.
I think, not surprisingly, the housing market has cooled off in large part, or at least in significant part, due to investor demand for housing cooling off.