Perry, It is interesting that the common theme emerging from the industry now is that inventory levels are high now but will level off in the next year. Their reasoning seems to be that builders are trying to get rid of inventory now, discounting deeply to do it, but that this will eventually end and the market will then go up again. In this analysis they completely ignore issues like the one presented above with resetting ARMSs. When you combine it all together it paints a pretty gloomy picture for at least the next 2-3 years.