What are the key buying and selling trends?

Lisa Knee: What do you think has had the biggest impact on that decrease in sales volume and what do you think the key buying and selling trends are ahead?

James Nelson: What we've really seen a huge slow down and probably no surprise here is with the land sale market. So in the first half of this year – and I think it's always important to realize when you're looking at sales statistics, these are always reported a couple of months from before, these deals were negotiated six months before – but the number of development land sales in the first half this year are down 50%. They dropped from $14 billion to, we're on pace for about $7 billion. So that's going to have major implications. That being said, if this year carries on, it'll still be okay. I mean, we have to remember that last year was a record to you here in New York City with $77,000,000,000 in sales. We’re on pace now for $63 billion, which would be the second most ever. But as far as long-term implications, if this whole development pipeline has completely been shut down, and I'm sure we'll get to that a little bit later, there's going to be a void certainly of residential product in the next three or four years, both for rental and condo.