MARKET PROFILES

SOUTHERN CALIFORNIA HOUSING FORECAST

	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	4 YEAR	YR. END	2006
SUBMARKET	SALES	SALES	SALES	SALES	SALES	SALES	SALES	SALES	SALES	SALES	SALES	Avg	INVENT	FORECAST
VENTURA	1,885	1,934	2,436	2,187	2,780	3,179	2,851	2,403	2,016	1,413	2,375	2,052	1,078	2,000
SAN FERNANDO VALLEY	657	596	885	746	670	587	774	808	760	800	1,425	948	1,606	1,000
SANTA CLARITA VALLEY*	972	1,164	1,428	1,791	1,862	2,326	2,627	2,207	2,697	3,863	1,524	2,573	644	1,800
ANTELOPE VALLEY*	1,434	1,030	963	657	594	873	984	1,450	1,645	2,622	4,451	2,542	2,671	4,500
SAN GABRIEL VALLEY	816	706	843	790	604	306	559	703	591	543	611	612	273	500
WEST L.A./ SOUTH BAY	--	--	918	490	575	716	673	817	1,437	1,433	2,889	1,644	1,521	2,500
ORANGE COUNTY	6,970	8,596	10,095	6,149	6,835	7,890	6,257	6,846	6,654	4,714	5,433	5,912	3,138	5,000
WEST RIVERSIDE	4,973	5,260	6,552	6,774	6,221	8,234	11,881	16,150	17,028	18,539	22,337	18,514	16,769	20,000
EAST RIVERSIDE*	1,177	1,287	1,551	2,226	2,850	3,330	2,509	4,079	5,768	5,851	5,318	5,254	8,837	6,000
EAST S.B.-HIGH DESERT	888	625	465	350	371	506	813	1,461	2,793	4,323	4,792	3,342	3,630	4,000
WEST SAN BERNARDINO	2,600	2,812	3,666	3,521	3,746	3,781	3,829	5,222	4,122	4,187	5,014	4,636	2,211	4,500
SAN DIEGO	5,537	6,214	8,416	8,310	8,430	11,391	9,396	12,024	13,242	15,577	13,517	13,590	14,005	12,500
TOTAL	27,909	30,224	38,218	33,991	35,538	43,119	43,153	54,170	58,753	63,865	69,686	61,619	56,383	64,300
Inventory includes unsold units and remaining for development at existing projects										2006 FORECAST			64,300
										LAST 5 YRS. FORECASTS			260,600
										LAST 5 YEARS SALES			289,627	11.14%