I heard a talk by a past head of the EPA. He was talking about how Puget Sound is in dire need of urgent clean-up, etc. He also mentioned that the Puget Sound Region currently has a population of roughly 4 million people that is expected to grow to 5.5 million by 2020. Begs the question: where are they going to live? This ties into what my wife asked me the other day: where are the people going who are moving out of apartments? I think maybe what we have going on currently is that tenants are converting to ownership due to reduced pricing and that the replacement tenants that come from the revitalized economy that comes from the new home owners has not yet occurred.