All forecasts are for interest rates and mortgage rates to go up a little bit again this year. It could let some of the air out of not the bubble but with what's going in increasing housing prices.

We know we have the largest properties in the sample and what we are missing is going to be very small.

We definitely heard a note of what I would call healthy reality from some of the folks this time. There's a lot of office space in Bentonville and a lot of retail space coming online.

We are seeing smaller increases in both than we have previously. But it can be a gradual process. We are predicting — and we are going out on a big limb here — a slowing of the increases, possibly leading even to a decline in the future.

While demand is still very strong, this is a caution to all the folks involved in residential construction out there.

We are seeing some serious imbalances in the market. When you have price increases with inventory increases, something's got to give.