We have had testimony here before this Committee that it was less than one-half of 1 percent.

That is the ideal way. If demand and supply are in equilibrium, things are fine, right?

Unfortunately, as we sit here today, I believe the only realistic assessment of the state of our housing market is that it is weak and has faced continued decline.

The troubled state of our housing market should be a call for Congress to take action.

How do you determine that has hit bottom? We hope it has hit bottom. What is your data?

I believe that it is unfortunate that Congress has yet to devise a thoughtful and effective program to revive the housing market.

So just to put foreclosed properties or inventoried properties out there, single houses, is a lot more difficult than it would be with somebody experienced in multifamily housing.

I believe we can and we should return to that practice.

Mr. Secretary, shifting around a little bit, about a month ago, President Obama told the American people that he was sending this Congress a plan to address the troubled housing market.

It is not an unknown.

If the REO rental, Real Estate Owned, policies outlined in the white paper were to be adopted, how much faster will housing markets recover, in your judgment?

But in multifamily housing, as a rule, people have to put more skin in the game.