completion bug in cvs version

[emacs user]

I have an environment variable

homepage=/address@hidden:/home

I set the default method to ssh.  I would like to edit a directory called 
/home/directory on the remote server.  so:

I do c-x c-f $homepage/direct<tab>

and instead of doing completion on the remote computer, tramp brings up a 
buffer saying:

env: nil: No such file or directory

and stops there.

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