Demand at our communities, which began to soften in early September, now appears to be improving, although demand pressure from speculators has certainly passed.

The shortage of selling communities, coupled with some softening of demand in a number of markets, negatively impacted our contract results. It appears we may be entering a period of more moderate home price increases, more typical of the past decade than the past two years.

Speculative demand has ceased, and speculators are now putting their homes back on the market.

Selling homes this first quarter was certainly more difficult than one year ago. We experienced softening demand, to varying degrees, in a number of markets and continue to be constrained by long delivery times at many of our communities.

Yield demand for the New Zealand dollar appears to remain unquenched.

I negotiated from May 2004 to early September 2004 with them and we were so far apart at that point in time that I guess I was figuring if we picked up where we left off we were a long ways apart, ... We'll see what happens.