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Speakers from PennyMac we have President and CEO, David Spector along with Andy Chang prior to joining PennyMac in addition to that stop at Morgan Stanley, David like many of the executives at PennyMac spent a fair amount of time at countrywide. And well PennyMac now is a mortgage it's part of a broader integrated originator servicer and investment mortgages with a very interesting, young future. So with that I will hand it over to David for his comments.
Thank you Mark. Before we begin please take a moment to look over the disclaimer regarding forward-looking statements, now let me begin with a brief market overview. As I am sure you're all aware of the severe dislocations occurred in U.S. mortgage and housing markets is now approaching the five-year mark but we're beginning to see indications of market improvements. This is particularly evident in some of the areas hardest hit by the downturn, home prices are improving on the national basis while home purchase activity in several areas has been robust with investor demand for REO properties remaining strong, these data points suggest to us that prices are beginning to stabilize. Our experience with second-quarter REO and for closure sale liquidation suggest that demand increased in and the prices received for those properties were generally higher than sales of comparable properties in the previous quarter.