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Chairman's Letter

Jim Reckling

It's been said that everyone is either a glass half empty or a glass half full person.  It's been pretty hard to remain a glass half full person the last several years in the manufactured housing business.  As I am sure you are well painfully well aware, sales figures in the industry have been at a historic low.  How then is it possible to retain a positive outlook?  There are many factors that I believe point toward recovery.  The tightening up by lenders in the stick built real estate market, new government programs on the horizon, discretionary income down for a great number of people etc.  Our product is at the right price point to take advantage of these market trends.  The question some may have then is, why are my sales so slow right now?  I believe that at the present time uncertainty and sticker shock at the pump are holding down sales.  In the near future these items should resolve themselves.  We will have a new President and congress in a few months which should at least take some uncertainty over the company's direction out of the equation.  Also over time people will adjust their lifestyles to the increase in gas prices.  No one has a crystal ball but I firmly believe that 2009 will be a turn around year for this industry.  Hopefully then there will be many more glass half full people in this industry.