| Accordingly, we filed a prospectus during the quarter to list our Brazilian homebuilding company on the São Paulo Stock Exchange. |
| On the negative front, several of our smaller operations are influenced directly or indirectly by the U. S. homebuilding industry. |
| Then, when the credit crisis and recession arrived, homebuilding collapsed. |
| We believe these two factors will continue to drive the growth of the residential homebuilding business. |
| In our land development and homebuilding operations, the markets are similar to where they were at the start of the year. |
| The decline in homebuilding dragged down growth, much as it has done for the past year. |
