Introduction and what is your forecast?

[Jay Hirsch]

I rehabbed a few properties in the early 90s where there was a decent supply of houses at the HUD auctions and not a huge amount of competition from homebuyers. In about 95 I went to an auction with about 2000 home buyers and dropped out of the rehab business.

Lately it has seemed that the business of a rehabber involves too much chasing deals and things like posting hundreds of signs.

I've been waiting for home prices to start heading south, thinking that foreclosures would go up and home buyers would be wary and there would be a good market again for buying REO properties.

It seems like those times might be coming and I'm just starting to refamiliarize myself with the business.

Currently I am a loan officer in Southern California involved in HUD loans on affordable housing projects, mostly elderly housing. I also have a lot of experience as a residential appraiser.

What do you think about the immediate future? How are you finding your properties? And just generally, hello and I look forward to participating here.