Dallas-Area Homebuilder Responds to Department of Commerce Housing Report

Business Wire, June 25, 2008

Mockingbird Properties Principal Says Recent Data Shows Relative Strength of the D-FW Housing Market

DALLAS -- The U.S. Department of Commerce today released data on May new home sales, reporting that new home sales were down 2.5 percent nation-wide, falling by 11.6 percent in the West while rising 0.4 percent in the South. Mitch Vexler, Dallas-area homebuilder and principal of Mockingbird Properties - a real estate investment company specializing in the acquisition and development of high-density commercial and residential real estate properties - commented in response to the report.

"This morning's report, combined with yesterday's Standard & Poor's/Case-Shiller home price index that showed a 1.1 percent increase in Dallas home prices for April, further indicates the relative strength of the housing market in our area," said Vexler. "The increase in new home sales in the South for May, and the soaring construction costs that we've seen due to increasing material and fuel expenses, will boost the prices of new homes, which will drive purchase prices across the entire housing market.

"Consumers have been struggling to interpret the meaning of national statistics reported over the past several months as they relate to their decisions about home ownership in the Dallas-Fort Worth Metroplex," Vexler added. "We believe today's announcement further separates our region from the wild fluctuations in highly visible markets such as California and Florida and further indicates that home ownership should not be dismissed as a viable housing solution for many area residents. The Fed's decision to not alter interest rates and the response of Wall Street to these announcements further underscores a gap in understanding between money managers and consumers."

About Mockingbird Properties

Mockingbird Properties is an innovative Dallas-based real estate company engaged in the acquisition and development of residential and commercial real estate projects, including retail and multi-use facilities, luxury condominiums and town homes. Formed in 1990, the company uses a focused approach to handle all aspects of the development process, from land acquisition to sale of the completed property. For more information, visit www.mockingbirdprop.com.

Note to news professionals:

Mitch Vexler is available for interviews and background information upon request. Contact Christi Chesner or Blake Lewis for more information.