...housing activity will remain healthy for some time to come.

The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.

We are really on track for a soft landing. There are no balloons popping.

Home sales are coming down from the mountain peak, but they will level out at a high plateau - a plateau that is higher than previous peaks in the housing cycle.

Real estate is still a great investment opportunity for households. Price appreciation will continue. It may not be at 20%. It may ... even go down to 5%.

...housing activity will remain healthy for some time to come.