Will there be a hangover in housing?

I have been in the mortgage business for well over 30 years.  I have seen cycles that have had huge swings both up and down.  As in the past the housing market will follow the employment and manufacturing reports.  Any good news and jobs added will continue to improve the housing industry.  I do think, though, that the builders are going to have to take some of their losses and dust themselves off and begin to learn that moderation will be the key to keeping their costs down and their inventory in check.  I don't think they are going to build so many spec homes and stick to pre-solds to reduce the risk.