Question to Dallas/Fort Wort investors who understand this market well.

[James Park]

It appears to me that the two metro cities that have already surpassed the previous peak median home prices are Dallas and Denver.

 Interestingly the Dallas housing market was pretty much recession proof during the house crisis when most metros areas fell as low as 20% like the Charlotte market and as much as 60% like the Vegas market. Dallas only fell 10.7% from its peak in Aug 2006 to its bottom in Feb 2009. The Dallas market quickly surpassed its last Aug 2006 peak as early as April of 2013.

Why was Dallas housing market recession proof while all the other metro area markets almost fell off a cliff? Why are now seeing higher appreciation in Dallas than we have ever seen in the past?

The appreciation in the Dallas market was very modest averaging about 3.3% from 2000 - 2006. Now we are seeing appreciation of 10.21 in 2013 and likely to be at 9.3% appreciation by year end 2014.

Do you believe that appreciation that will take place in Dallas in the future will be unprecedented from 3.3% average appreciation we have seen in the past? Do you believe close to 10% appreciation is sustainable in the Dallas market going forward?