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.

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.

I think the real key is absorption.

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.

We've been living through pure hell.