Below is a sampling of recent CEO comments on the housing market: "We've got another year to go . . . the rest of 2006 as well as 2007 looks to be a transitional environment." -- Angelo Mozilo, Countrywide Financial Corp. (CFC : Countrywide Financial Corp. CFC40.13, -0.14, -0.3%) CEO, Nov. 14, Merrill Lynch Banking & Financial Services Conference "I'd say we're in the early stages of a declining market. Most of these downturns are longer and deeper than we envision at the beginning." -- Don Tomnitz, D.R. Horton Inc. (DHI : D.R. Horton, Inc. CEO, Nov. 14, quarterly earnings call "In most of our markets we are seeing no signs of stabilization yet, and we fear that we have yet to find a bottom. That indicates to us that this correction is going to last maybe longer than others think it may." -- Antonio Mon, Technical Olympic USA Inc "We continue to look for signs that a recovery is imminent but can't yet say that one is in sight." -- Robert Toll, Toll Brothers Inc. "Despite recent references to signs of a bottoming or even the beginning of a recovery, we have not yet seen any meaningful evidence to suggest that a rebound in the housing market is imminent." -- Ian McCarthy, Beazer Homes USA Inc. (BZH : Beazer Homes USA, Inc. "The question is how long will this downturn, referred by some as a recession, last? We have seen forecasts from anywhere from 12 months to as long as four years. I don't think anybody is anticipating that it is going to turn around anytime in the next six to nine months. So, in any case, we're looking at a minimum 12-month horizon, and certainly longer than that." -- Alan Levan, Levitt Corp. "I don't think we've seen bottom yet, and I don't see anything that says it's going to get significantly better in '07." -- Bob Nardelli, Home Depot Inc. CEO, Nov. 14, quarterly earnings call.