I don't even think 'slow' begins to describe it.  I have been in the business for over 15 years and this is definitely the worst I have seen it.  Last month was the worst month we have had in about 12 years -12 years ago, we were still building our client base and business was steadily increasing.  I think 2005 was when things started to decline for us, and when the 'mortgage crisis' hit, things really went south. 

I don't really expect things to get better any time soon.  I am hoping that things might stabilize around the end of 2009, but I think it will take a long time before we see things really pick up.  But, who knows... I have heard rumblings about 4% interest rates.  If that happens, we could see things pick up while people at 6.5% refinance again and people start snagging up foreclosure bargains.  However, I am concerned that would not be in our best interest in the long-run. If rates go that low, they will have to go up considerably over the next several years.  Rising interest rates are never good for our business.

Best,
Robert A. Franco
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