According to a recent study by Metrostudy, a Houston based housing data and consulting firm that maintains
an extensive database on residential construction.

"Job growth continues to remain positive through February, adding 2,200 jobs, said Greg Gross, Director
of Metrostudy's Las Vegas region."

Employment is up slightly from one year ago. Even as weakness continues, Vegas is much more diversified
today than in years past, and the job market should
continue to improve in 2012.

"The market continues to suffer with excessive mid-rise and high-rise projects that, when conceived,
simply had no occupancy demand."

The Las Vegas housing market has stabilized and is beginning to improve.

It gained momentum in the second half of last year and it has carried into 2012, which will help spur
better conditions in the market.

Through the first quarter, single family new home closings were 3,665.