I think that Rich did a great job. Both sides got in some good points but I think that Rich came off a little more sure of himself and his data.

I did enjoy that brief argument about supply and demand. Lee Sterling talked about the Sandag reports that say that an additional 100,000 units are needed and that the population continues to grow. Rich indicated that population has actually been declining. Lee interupted with the notion that Rich wasn’t counting natural increase (births). Rich replied by saying that babies don’t buy houses and then Lee said “but, couples that have babies buy houses.” Well, wouldn’t the couple have already been counted in the population figures and already living here.

Lee seemed to interupt with off-the-wall comments like this a few times. Rich seemed much more able to back up his side with data and with definitions.

It also sounded like they were going to have Rich back on again to discuss exotic loans because they didn’t have time to talk about that.