Bernanke, Ben

It seems to be the case - there are some straws in the wind that housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate; that house prices will probably continue to rise but not at the pace that they had been rising.  So we expect the housing market to cool but not to change very sharply.  If the housing market does cool, more or less as expected, that would still be consistent with a strong economy. In 2006 and 2007, in particular, capital investment and other forms of demand would take up the slack left by residential investment.