Activity so far in Q1 2007 has been pretty spectacular. Properties that are showing value or that are located in prime locations are attractive immediate and sometimes multiple offers. The Norwich, VT market, after experiencing a pretty significant correction in 2006, has shown strong signs of becoming a more normalized and balanced market. Hanover, NH prices, having remained solid throughout 2006, continue to show strength and properties priced to market levels curry interest and bids quickly. We did see a small drop in activity in the first and middle part of February after a flurry of contracts and deposits in January and the earlier part of the month but that drop was largely attributable to weather (extremely unseasonably cold and miserable along with a few major snowfalls).

Overall, the outlook for 2007 seems very positive.