November's numbers confirm that housing activity has peaked and is now slowing.

Housing activity has peaked. There are no balloons popping.

Housing activity has peaked. Inventories continue to rise. I see the housing market continuing to soften.

The drop in pending home sales is an affirmation that we are experiencing a modest slowing in the housing sector.

This should induce some slowing in housing market activity, but we expect the housing market in 2006 to be strong, nonetheless.

Many of our hot housing markets are transitioning from a sellers' market to a buyers' market.