The low interest rate environment and the tax credit have obviously had a positive affect on housing sales. And the extension will add fuel and create highly favorable conditions come the 2nd quarter 2010.

    And given the reports below and other information we have received, it is also clear that we will have more than sufficient inventory throughout 2010 due to increases in foreclosure activity.  What does need to happen, however, is that Federal and State authorities must not implement any policies that further restrict the market such as foreclosure moratoriums or further stretching out of the loan modification programs beyond their current scope. The market needs to be rid of artificial stimulus after this recent round so that housing markets can clear the excesses of the past ten years from the market.