and michael lawson, research and will -- analyst. welcome all. we will start with you.hat do you make of this market -- market? bumping along the bottom? what is going on to mac. >> beyond. this recovery is for real, and that think it's going to surprise on the upside with its vigor. there are all the signs of positive. inventories are down to six months. housing prices are up in all metropolitan areas, and the best thing is that supply is receding. pent-up demand is coming back. gerri: i like the sound of that. but you make some interesting points. you say is recovery could be more anemic than we expect because 27 percent of the buyers are investors. those the kinds of folks you might unload at any sign of weakness. help us understand your point. michael. michael, are you there? can you hear me? all right. we may have lost my cool. he will check. in the meantime, let's get to robert. you have some interesting comments in your pre interview. he said that the recovery as really been sluggish for home builders. how so? we hear that there is a lot of upbeat attitude among