What's going on with dhcp?

[Neal Becker <ndbecker2 gmail com>]

fedora 13 x86_64

These are the last logged messages:

Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info> (eth0): DHCPv4 state 
changed preinit -> bound
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info>   address 
10.32.112.150
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info>   prefix 24 
(255.255.255.0)
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info>   gateway 10.32.112.1
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info>   nameserver 
'139.85.52.104'
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info>   nameserver 
'139.85.52.102'
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info>   nameserver 
'139.85.87.105'
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info>   nameserver 
'139.85.176.102'
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info>   domain name 
'hughes.com'
Sep 29 07:37:11 nbecker1 dhclient[6832]: bound to 10.32.112.150 -- renewal 
in 37914 seconds.
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info> Policy set 'System 
eth0' (eth0) as default for IPv4 routing and DNS.
Sep 29 07:37:11 nbecker1 NetworkManager[6828]: <info> Updating /etc/hosts 
with new system hostname
Sep 29 07:37:11 nbecker1 nm-dispatcher.action: nm_dispatcher_action: Invalid 
connection: '(null)' / 'connection setting not found' invalid: 1

That says eth0 is 10.32.112.150 (and dnslooksup says that too), but look:

ifconfig eth0
eth0      Link encap:Ethernet  HWaddr 00:23:8B:53:F0:80  
          inet addr:10.32.112.161  Bcast:10.32.112.255  Mask:255.255.255.0
          inet6 addr: fe80::223:8bff:fe53:f080/64 Scope:Link
          UP BROADCAST RUNNING MULTICAST  MTU:1500  Metric:1
          RX packets:2315199 errors:0 dropped:0 overruns:0 frame:0
          TX packets:3274370 errors:0 dropped:0 overruns:0 carrier:0
          collisions:0 txqueuelen:1000 
          RX bytes:729169802 (695.3 MiB)  TX bytes:3988312791 (3.7 GiB)
          Interrupt:29 

What's going on?