I think the real key is absorption.

If you take the communities along the I-70 corridor - Summit, Eagle, Aspen and Glenwood Springs and Grand Junction - they're all doing very well.

Vacancy rates have gone down a bit, but owners are still behind the power curve. To attract residents and bring vacancy rates down, apartment owners had to offer incentives or discounts, despite their costs increasing.

These are people who are living on the bubble.

I think there is a lot of pent-up demand, a lot of people thinking of buying houses are doubling up, and the economy is getting better.

At some point, you have to have a level of absorption.