Real Estate Outlook: Numbers Best in Months

Either way you present it total resales were essentially flat from month to month, hardly as dramatically negative as the scare headlines had it. Maybe we're at bottom, maybe not, but the fact is: Sales are not falling off the charts.
By: Kenneth R. Harney: Realty Times
Every week, it seems, there's a battle of conflicting numbers when it comes to housing.

The latest existing home sales survey from the National Association of Realtors is a perfect example. You may have seen the news reports about another bad month for resales - down for the sixth straight month, according to the Associated Press, to the "lowest level" in almost a decade.

But take a closer look: Yes, resales were lower by four tenths of one percent in January, but they were down from an upwardly-revised total for December.

Drill down just a little deeper and you find that resales of single family detached houses were actually up in the latest month - up by one-half of one percent. Condominium and cooperative sales, on the other hand, took a sharper drop - falling by 6.5 percent, and that dragged down the national sales total overall.

So the real news was mixed: Sales of detached single family units ROSE in January while condos and cooperatives were down.

Either way you present it, though, total resales were essentially flat from month to month, hardly as dramatically negative as the scare headlines had it. Maybe we're at bottom, maybe not, but the fact is: Sales are not falling off the charts.

Also last week, there were some other mildly positive economic signs: Construction starts of new houses rose by eight tenths of a percent, and home builder confidence - as measured by the Wells Fargo/National Association of Home Builders poll - rose slightly as builders reported seeing stronger flows of shopper traffic through their model homes.

Again, there's nothing dramatically positive here, but the numbers are better than they've been in months. They simply got drowned out by all the gloom-mongering.

Even the Conference Board, a research group that represents a broad spectrum of U.S. industries far beyond real estate, said things are beginning to look up for housing. Chief economist Gail Fosler said in a report last week that "the housing market correction is about over … . Housing affordability is beginning to improve, and with the recent interest rate cuts and house price declines, it should improve further."

January and February, said Fosler, "are not big months for housing, but rising affordability (plus favorable demographic trends) bode well" for the overall outlook.

Fosler's economic report preceded last week's jumps in mortgage rates - taking 30-year rates back over 6 percent - but her forecast on where housing is headed is significant.

Someone's got to call the turnaround. Fosler thinks it could start this Spring.

We'll watch and see.
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Bernanke Doesn't See Return of '70s Woes

Bernanke Dismisses Worries About US Economy Returning to '70s-Style 'Stagflation'
By: Jeannine Aversa: AP
Federal Reserve Chairman Ben Bernanke told Congress Thursday that the nation isn't "anywhere near" the dangerous stagflation situation of the 1970s.
With the economy slowing and inflation rising, fears have grown that the country could be headed for the dreaded twin evils of stagnant growth and rising prices known as "stagflation."

"I don't anticipate stagflation," Bernanke told the Senate Banking Committee. "I don't think we're anywhere near the situation that prevailed in the 1970s."

"I do expect inflation to come down," he added. "If it doesn't, we will have to react to it."

High energy prices and rising inflation do complicate the Fed's job of trying to keep the economy growing and inflation contained, Bernanke acknowledged.

Energy prices are creating "inflationary stress," Bernanke said. And, that is "complicating" the Fed's work in terms of shoring up the economy, he said. Oil prices galloped past $100 a barrel on Thursday. Gas prices, meanwhile, rose closer to records above $3 a gallon.

President Bush, at a news conference Thursday, noted the slow economic growth but said the nation isn't headed into a recession.

He rejected calls for additional stimulus efforts, instead advising patience. "Why don't we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in?" Bush said at the White House.

Bernanke's testimony in the Senate caps back-to-back appearances on Capitol Hill that started in the House on Wednesday. The Fed chief's overarching economic message was the same on both days: The Fed stands ready to lower a key interest rate yet again to bolster the struggling economy.

Many fear the country is hurtling toward a recession or is in one already.

The central bank started lowering a key interest rate in September. Over just eight days in January, the Fed shaved 1.25 percentage points, the biggest one-month reduction in a quarter century. Economists and Wall Street investors predict the Fed will cut rates again at its next meeting, March 18.

Just before Bernanke testified, the government reported that the economy nearly stalled in the final quarter of last year. It grew at a pace of just 0.6 percent, a big loss of momentum compared with the prior quarter's brisk 4.9 percent growth rate.

The committee's chairman, Sen. Christopher Dodd, D-Conn., described the nation's economic situation as "very serious, if not perilous."

Dodd said: "Growth is slowing. Inflation is rising. Consumer confidence is plummeting, while indebtedness is deepening."

Bernanke indicated he is prepared to lower rates even as high oil prices heighten inflation risks.

To energize the economy the Fed cuts rates. To combat inflation, it would boost rates. Rising inflation can reduce the Fed's maneuvering room in terms of revving up a slowing economy.

"We are concerned," Bernanke said. "We are trying to balance a number of different risks against each other," he told lawmakers.

Still, Bernanke is hopeful that energy prices - and overall inflation - will moderate somewhat this year.

And, he expresses hope that the economy will turn stronger in the second half of this year, helped by the Fed's rate reductions and the recently enacted rescue package of rebates for people and tax breaks for businesses.

"I realize that my testimony wasn't the most cheerful thing you'll hear today ... but I do very much believe that the U.S. economy will return to a strong growth path with price stability," Bernanke said.

Sen. Richard Shelby, R-Ala., however, worried that rising inflation could make it harder for the Fed to steady the wobbly economy.

Shelby wondered "how much more room the Federal Reserve will have to provide further monetary accommodation without threatening long-term price stability, which is very important to all of us."

He added: "While it's difficult to see our nation's economy experience minimal growth, the consequences of failing to restrain inflation will be far more painful and more difficult to unwind."

Bernanke, however, said the Fed's No. 1 battle right now is to shore up the economy. "At the moment, the greater risks are to the downside," Bernanke said, referring to shaky economic growth and turmoil in financial markets.
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Lawmakers Plan Another Housing-Related Stimulus Bill

Top Democrats intend to take up a second stimulus package focused on housing-related issues - a potent political issue this year.
By: Sarah Lueck: The Wall Street Journal Online
A tax break for home builders and higher caps on state mortgage-revenue bonds are among the proposals Senate Democrats plan to take up this month to address the troubled housing market.

With one economic-stimulus bill now signed into law, top Democrats said they intend to turn to a second package focused on housing-related matters -- a potent political issue this election year.

It is unclear how far the bill might get, although it may at least provide fodder for political finger-pointing. Despite the bipartisan aura that sped passage of the first stimulus bill, some parts of this one are likely to draw criticism from Republicans, especially a change in bankruptcy law that would allow judges to alter the terms of certain mortgages. The House Judiciary Committee passed a similar proposal late last year, and the banking industry has lobbied hard against it. The White House has resisted a second stimulus bill.

The first stimulus bill "was absolutely necessary, but it isn't sufficient," said Sen. Richard Durbin (D., Ill.), the majority whip. Senate Majority Leader Harry Reid of Nevada said he would bring the bill to the Senate floor the week after next.

In the House, nonhousing measures such as an extension of unemployment benefits have drawn interest. "We all have our ideas," said House Speaker Nancy Pelosi (D., Calif.) when asked about the Senate proposal. "But I don't think we should confine it to just that tactic."

Some of Senate Democrats' proposals are popular in both parties, such as a tax break allowing companies with operating losses this year or the two previous years to apply them to past years for a refund. That could please home builders, who attacked the first bill. "As far as we are concerned, Congress hasn't done enough to help the housing market," said Jerry Howard, chief executive of the National Association of Home Builders. This week the group cut off congressional campaign donations.

The group is also pushing for a tax credit for home buyers. A similar measure in the 1970s helped clear a glut of unsold new homes, said David Seiders, its chief economist. Sen. Johnny Isakson (R., Ga.) is pushing a tax-credit proposal, but it doesn't yet have traction with Democrats.

In a move that could help attract Republicans, Mr. Reid said the revenue lost to the tax break wouldn't be offset, as normally required under House and Senate budget rules. He said he hoped to get Republican support for the package.

A spokesman for Senate Minority Leader Mitch McConnell (R., Ky.), said Republicans "look forward to this discussion" and want to make sure "we don't tax and spend our economy into a dangerous slowdown."

Another provision would allot an additional $10 billion in bond authority so housing-finance agencies can give more help to people refinancing subprime loans or first-time buyers. President Bush recently backed this idea.

The bill also includes $4 billion in block grants so localities with high foreclosure rates can buy and rehabilitate unoccupied property and $200 million for pre-foreclosure housing counselors.

-Damian Paletta contributed to this article.
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Bernanke says economic outlook is worse

Federal Reserve Chairman Ben Bernanke told Congress Thursday the economy is deteriorating and signaled a readiness to keep on lowering a key interest rate to shore things up.
By: JEANNINE AVERSA: AP Associated Press
Bernanke also told the Senate Banking Committee that the one-two punch of housing and credit crises has greatly strained the economy. And he forecast sluggish growth in the near term. Bernanke also noted that hiring has slowed and that people are likely to tighten their belts further because of high energy prices and plummeting home values.

"The outlook for the economy has worsened in recent months, and the downside risks to growth have increased," Bernanke said. "To date, the largest economic effects of the financial turmoil appear to have been on the housing market, which, as you know, has deteriorated significantly over the past two years or so."

Bernanke also told senators that the "virtual shutdown" of the market for subprime mortgages given to people with blemished credit histories or low incomes — and a reluctance by skittish lenders to make "jumbo" home loans exceeding $417,000 — have aggravated problems in the housing market.

Unsold homes have piled up and foreclosures have climbed to record highs.

"Further cuts in homebuilding and in related activities are likely," Bernanke cautioned.

Given all the dangers facing the economy, he said, the Fed "will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks." Bernanke indicated that additional rate cuts were likely. Still, he voiced hope that economic growth will improve later this year.

Bernanke's Hill appearance with Treasury Secretary Henry Paulson and Christopher Cox, chairman of the Security and Exchange Commission, came amid escalating worry that the economy may be drifting into recession. The troubles in the housing and credit markets alone threaten to push the economy into its first recession since 2001 — if it hasn't fallen into one already.

Bernanke and Paulson don't believe the country will fall into a recession. Their forecasts still call for growth, albeit slow growth, they said. However, the pair did say Thursday that the administration and the Fed are expected to downgrade their economic forecasts for this year.

"It would be less, but I do believe we'll keep growing," Paulson said. Bernanke said a new Fed forecast due next week will "show lower projections of growth ....growth looks to be weak, but still positive."

On Wall Street, Bernanke's bearish assessment pulled stocks lower. The Dow Jones industrials were down more than 100 points in afternoon trading.

The Federal Reserve, which started lowering a key interest rate in September, has recently turned much more aggressive. Over the span of just eight days in January, it slashed rates by 1.25 percentage points — the biggest one-month rate reduction in a quarter-century. Economists and Wall Street investors believe the Fed will cut rates even more at its next meeting in March and probably again in April.

"Our economy is clearly in trouble," said the committee's chairman, Sen. Christopher Dodd, D-Conn. Restoring investor and consumer confidence, he said, is critical "if we are going to get back on our feet again."

Bernanke said his forecast is for the economy to continue to endure a "period of sluggish growth." That would be "followed by a somewhat stronger pace of growth starting later this year" as the effects of the Fed's rate cuts and a newly enacted stimulus package begin to be felt. The $168 billion package, which includes rebates for people and tax breaks for businesses, was speedily passed by Congress last week and signed into law on Wednesday by President Bush.

Sen. Richard Shelby, R-Ala., was skeptical, saying he thought the energizing impact of rebates would be "negligible" and likened the action to "pouring a glass of water into the ocean."

Even though Bernanke's forecast envisions an improving economic picture later this year, the Fed chief said it was nonetheless "important to recognize that downside risks to growth remain, including the possibilities that the housing market or the labor market may deteriorate to an extent beyond that currently anticipated" or that credit will become even harder to secure.

That's why, for now, Bernanke indicated the Fed is still inclined to lower interest rates.

Yet, that could change, depending on how the economy and inflation unfold.

"A critical task for the Federal Reserve over the course of this year will be to assess whether the stance of monetary policy is properly calibrated to foster our mandated objectives" of promoting healthy employment and economic growth while keeping inflation under control.

Sen. Robert Menendez, D-N.J., criticized policymakers for what he believed was a too slow response to the housing crisis. "We count on those at the top ... to sound an alarm," during a crisis, he said. Instead, "what we got was a snooze button ... we've been behind the curve."

Noting spreading credit problems, Sen. Charles Schumer, D-N.Y., asked whether policymakers underestimated the severity of the situation.

Replied Paulson: "It's one thing to identify a problem. It's another thing to know exactly what to do about it."

Lax credit standards during the days of the housing boom provided the spark that led to the current economic woes, Paulson said. "We had a dry forest out there," the secretary said.

Meanwhile, Paulson said the administration's efforts to help people at risk of losing their homes is paying off.

Paulson said that in the final three months of last year, more than 470,000 homeowners got help from companies servicing their mortgages and almost 30 percent of those received a loan modification. He insisted the administration was working hard to help, and called the problems facing some struggling homeowners "heartrending."

In terms of clues for an economic turnaround, Bernanke said the Fed would need to see signs of stabilization in the housing and labor markets and improvements in credit markets. For now, he said, the Fed doesn't expect a "rip roaring" jobs market. Employers in January cut jobs for the first time in more than four years.
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Developers target land near Hollywood sign

Owners want to sell the 138-acre ridge near the sign. Opponents say it would mar one of L.A.'s most famous landmarks.
By: Bob Pool: Los Angeles Times
Owners of Cahuenga Peak say the city hasn't come up with funds to buy the $22-million residentially zoned land, so it's up for sale. 'That mountain should not be cluttered,' a councilman says.

They're sticking a "For Sale" sign next to the Hollywood sign.

A Chicago investment group said Tuesday that Los Angeles officials have failed to come up with the cash to preserve the mountaintop next to the iconic sign, so it has put the ridge up for sale.

Cahuenga Peak, which boasts a panoramic view, will carry a $22-million price tag, its current owners said.

The 138-acre mountaintop is zoned for five luxury homes, according to investment group partner Keith Dickson. "It could be used for one large home or a family compound," he said.

Dickson's Fox River Financial Resources acquired the mountaintop in 2002 from the estate of Howard Hughes for $1,675,000.

The eccentric tycoon had purchased it in 1940 with plans to build a love nest for actress Ginger Rogers.

But she balked at that idea, fearing that the reclusive Hughes would "lock me up in a hilltop house and never let me see anyone," as Rogers later put it.

The impending listing is already generating loud protests from city officials and Hollywood residents, who say building homes on Cahuenga Peak would mar one of L.A.'s most famous views and scar a pristine hilltop with homes.

"That mountain should not be cluttered," said L.A. Councilman Tom LaBonge. "It's good for the psyche of Los Angeles."

For the last several years city leaders have scrambled to raise money to buy the ridge from Fox River and turn it into an extension of Griffith Park. So far, they've accumulated about $5 million.

The city had intended to ask the nonprofit Trust for Public Land to negotiate a selling price with the Chicago owners. Two months ago, a city-commissioned appraisal calculated that the mountaintop was worth about $6 million.

LaBonge was stunned Tuesday by Cahuenga Peak's asking price. "If they come to City Hall and do the right thing, they can still make a nice profit," he said of its current owners.

"The city should acquire this land," he said. "Everyone was shocked to find out it was privately owned. Everybody thought the city already owned it."

Dickson suggested that city leaders may have dragged their feet because they thought the acreage was land-locked - inaccessible and thus undevelopable.

But the developers insist the land is accessible, thanks to Hughes' actions back in the 1940s.

He sued to obtain an easement to his peak property. In 1949 the city settled the lawsuit, granting Hughes a 100-foot-wide access to the site from the dead end of Wonder View Drive, said Mark Ward, a partner in the investment group.

In addition, the eastern edge of the property comes within a few yards of another road, the city's Mt. Lee Drive, which crosses the ridge top above the Hollywood sign.

Fox River executives are listing the acreage with Teles Properties of Beverly Hills. Ernie Carswell, one of the listing agents, said the peak is zoned for five homes.

"When you look at photographs of it, it looks steep. But it's much more gentle-sloping than what you see in places such as Bel-Air. The tops of the ridges are smooth," Carswell said.

He said public outcry over home construction on Cahuenga Peak would be muted when people realized that most of the development site is on a ridge behind the hillside with the Hollywood sign.

"Nothing will obstruct the Hollywood sign. Homes would be built above it and behind it," Carswell said.

But the homes would be seen from a broad area south of the Hollywood Hills, including the nearby Hollywood Freeway.

Once the property was sold, the owners would have to clear any building plans with the city. But given the fact that the land is already zoned for residential use, it's unclear on what basis the city could reject homes there. It would be up to the new owners to install utility lines, water service and a road into the property.

The Hollywood Hills have seen a boom in construction on remote, rugged tracts in recent years as the technology for building into hillsides has improved. Parcels in such places as Laurel Canyon that for decades were considered unbuildable now have homes on them.

Real estate agent Sarah Blanchard, who shares the listing, said the peak "could be used for one house, or it could be kept a wilderness with somebody's name on it."

From the 1,821-foot peak, there are unobstructed views south to the ocean and north to the San Fernando Valley. Catalina Island is visible on clear days.

Blanchard speculated that the property would attract the interest of wealthy overseas buyers anxious to take advantage of the soft American dollar.

"Don't rule out someone from China or the United Arab Emirates," Dickson said.

Others, however, said they hoped Los Angeles' last privately owned, undeveloped promontory ridge ended up in public hands.

"I think it goes without saying that it would be a mistake to build homes there," said Leron Gubler, president of the Hollywood Chamber of Commerce. "It would be very unfortunate."
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Six lenders throw seriously delinquent borrowers a lifeline

Loan mods promised as Congress weighs bankruptcy 'cram-downs'
By: Matt Carter: Inman News
Six major lenders have agreed to work with seriously delinquent homeowners, putting foreclosure proceedings on hold for up to 30 days to offer some borrowers workout plans that would lead to formal loan modifications if they can make reduced loan payments for three months.

Backers of the new initiative, Project Lifeline, say it goes beyond previous outreach efforts by lenders in that it targets borrowers who are already behind on their payments by 90 days or more and covers all types of loans, including, prime, alt-A, second-lien and home-equity loans.

Participating Project Lifeline lenders - Bank of America, Citigroup, Countrywide Financial Corp., Chase, Washington Mutual and Wells Fargo - are sending letters to seriously delinquent borrowers. Borrowers who receive the letters must call their mortgage servicer within 10 days, agree to seek financial counseling, and provide updated financial information that can be used to draw up a workout plan.

In cases where lenders think a workout may be a better alternative than foreclosure, pending foreclosures will be put on hold for up to 30 days while a review process is undertaken and a new payment plan is drawn up. Borrowers who are approved for a workout plan that lowers their monthly payments will have their loan terms formally modified if they can prove they're able to meet the new terms by making payments for three consecutive months.

Details about the Project Lifeline program were unveiled at a press conference today attended by Treasury Secretary Henry Paulson and Housing Secretary Alphonso Jackson.

Jackson used the press conference as an opportunity to renew his calls for Congress to pass an FHA modernization bill, saying it could expand Federal Housing Administration loan guarantee programs to serve 250,000 additional borrowers.

The Project Lifeline initiative comes as the lending industry tries to dissuade Congress from passing new laws that would give bankruptcy judges the power to "cram down" the monthly mortgage payments of borrowers who file for Chapter 13 bankruptcy protection by rewriting loan terms or reducing a loan's principal.

Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., has warned that lenders aren't engaging in workouts fast enough to slow the pace of foreclosures. A recent survey of bank loan officers by the Federal Reserve suggested that one of the biggest obstacles to engaging in workouts with borrowers will be keeping them from walking away from homes that are worth less than the balance of their mortgage. Bair said in some cases, lenders will have to start writing down principal on some loans.

Bank of America executive Floyd Robinson said that in some cases where falling home prices have left homeowners "upside down," or owing more than their home is worth, BofA would be willing to forgive part of their debt. But Robinson said he couldn't speak for other Project Lifeline lenders, and that the initiative does not establish criteria for lenders to follow in deciding whether to forgive principal.

Paulson said there will be those -- particularly those who were trying to make a profit during the housing boom -- who end up upside down, and "who just choose to walk away. This program isn't intended to deal with that."

Project Lifeline lenders, who service about half of all mortgages nationwide, said they hope the program will serve as a blueprint for other loan servicers who join the initiative. All 90-day delinquent loans serviced by Project Lifeline lenders are eligible for the program, unless they are in active bankruptcy, in foreclosure with a sale date less than 30 days away, or if the home is an investment property or vacant.

The six members participating in Project Lifeline are also members of the HOPE NOW coalition, a separate effort to speed up the process of loan modifications for subprime borrowers with adjustable-rate mortgage (ARM) loans. That program is targeted at hybrid ARM borrowers who are current on their payments but who face higher monthly payments when their introductory interest rates expire. HOPE NOW loan servicers have adopted guidelines intended to streamline loan modifications such as "freezing" the introductory interest rate on ARM loans for five years.

Members of the HOPE NOW coalition last week said that a survey of some of the group's members suggests that the lending industry as a whole made 336,000 loan modifications in 2007 and initiated 1.18 million formal repayment plans (see Inman News story).

Another survey of loan servicers published by the State Foreclosure Prevention Working Group found that in October, seven out of 10 delinquent borrowers were not on track for any loss mitigation program.

Sen. Chris Dodd, D-Conn., has proposed creating a Federal Homeownership Preservation Corp. to purchase mortgage loans at risk of foreclosure at a discount and move homeowners into 30-year fixed-rate mortgages backed by the FHA, Fannie Mae or Freddie Mac (see story).

Asked by a reporter about Dodd's proposal, Paulson rejected it out of hand, saying it was modeled after a program put in place during the Great Depression, when unemployment and mortgage default rates were much higher and programs like Federal Housing Administration loan guarantees did not exist.

"Our view here is what we've had is housing prices go up for a long time at prices that were unsustainable -- there needs to be a correction," Paulson said.

Paulson also dismissed a question by a reporter who wanted to know if there will be fewer foreclosures in 2008, and if the worst of the problems in the housing market were over.

"The worst isn't over; the worst is just beginning," Paulson said. With about 2 million subprime ARM resets yet to come, he said, "what's going on in the housing market is not over; it's going to take longer."
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Lenders Team up to Curb Foreclosures

A half-dozen of the nation's largest mortgage lenders are stepping up efforts to save home owners from foreclosure in a plan called Project Lifeline.
By: Marcy Gordon: REALTOR®Magazine
Six major lenders have agreed to allow seriously overdue home owners to suspend foreclosures for 30 days, giving them time to work out affordable loans.

The plan called Project Lifeline is being announced today by the Department of Housing and Urban Development.

Initially, the pilot program will involve Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc., and Wells Fargo & Co.

All six lenders are currently involved in the Hope Now plan, the deal the Bush administration brokered last year to freeze rates on some high-cost subprime mortgages for five years to aid borrowers whose introductory rates had jumped.

The new plan applies to seriously delinquent home owners whose mortgages are 90 or more days past due.
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Countrywide to Help More Borrowers

Countrywide Financial Corp. said Monday that it will expand its existing programs to help borrowers with subprime loans who are struggling.
By: ALLEN P. ROBERTS Jr.: Los Angeles Business Journal Online
Countrywide said that the program is the culmination of a deal the Calabasas-based lender had reached with the Association of Community Organizations for Reform Now, or ACORN, and calls for Countrywide to try to manage payment plans for borrowers who are already behind in payments, regardless of which type of subprime loan they have.

This is the second such program Countrywide has introduced. In October, the nation’s largest lender and mortgage loan servicer said it would work out repayment plans for borrowers in danger of foreclosure. The company said last month those actions helped more than 81,000 borrowers keep their mortgage payments manageable.

“Through this partnership, Countrywide and ACORN have agreed to a set of home retention standards to help borrowers who are in various situations of financial difficulty to establish suitable repayment plans or other solutions," Steve Bailey, Countrywide's senior managing director of loan administration, said in a statement.

Under the ACORN plan, borrowers with hybrid adjustable-rate mortgages, which typically were issued with a low interest rate that adjusts higher after two or three years, can be offered the option of refinancing into a lower-rate loan, or have their initial interest rate frozen for as much as five years.

“We hope others in the mortgage servicing industry will adopt similar practices,” Maude Hurd, national president of ACORN, said in a statement.

ACORN is the nation's largest community organization of low and moderate-income families in 80 cities across the country.

Shares in countrywide were up 6 cents to $6.64 in early trading Monday on the New York Stock Exchange.
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