This shows how the market, including local builders and developers, really ramped up production to try and meet the demand of the last few years and how that demand dropped off sharply.
This slide shows the average selling price of single family homes - notice how the recent drop in prices still leaves the average price well above 2005. This slide in prices might not be over yet but it hasn't been as steep as one might have thought.
This final slide looks at the rental market and overlays the changes in apartment vacancy rates with the average monthly rental price. You can see how the limited supply (near-zero vacancy rates in '05, '06 & '07) drove up the costs to rent and how as the vacancy has gone up the cost has come down, slightly.