here to work out this housing crisis. i hope we can solve it in about four minutes or less, guys. why don't we start off with you jonathan. you aeu praise real estate you have your finger on the pulse of what is happening out there, where are we in this recovery. >> we shouldn't be calling it a recovery, that is part of the problem. what we had was a tax credit that pushed activity to abnormally high levels in the beginning of the year, so we were artificially high, now we are artificially low because the sales occurring in the first part of the year came in this period now. on top of that we are looking at rising foreclosures. the expectation is that we're not going to peak at least until the middle of next year, and in many ways i think there is not much the obama administration can do about that. jenna: the obama administration or even republicans. pat powell you know i was down in d.c. earlier this week and senator lindsey graham said to me he would like to have more tax credits for home buyers to try to again ignite that market.