NEW HOME SALES IN SAN FERNANDO/SANTA CLARITA VALLEYS FALL SHORT OF 1998 TOTALS

- New Home Sales in San Fernando/Santa Clarita Valleys Expected to Improve in 2000 as Several New Neighborhoods by Newhall Farming and Land Company are Introduced -

SAN FERNANDO, Calif. - January 11, 1999 - The Meyers Group (TMG), a leading provider of new home real estate information, has released its Fourth Quarter 1999 results for the San Fernando/Santa Clarita market area. In the Fourth Quarter of 1999 (mid-September through mid-December), new home sales decreased 42.1% in comparison to the Fourth Quarter of 1998. Overall, reported new home sales totaled 415 units. Year-to-date overall sales for 1999 totaled 1,907 units a decrease of 26.1% from 1998 when units sold equaled 2,579 units.

According to Lorry Lynn, Principal with The Meyers Group, "Sales in this submarket are largely driven by Newhall Farming and Land Company which owns the bulk of developable land in the Santa Clarita portion of the county. There were 29% fewer active projects selling in 1999 compared to 1998 which explains much of the slowdown." The San Fernando Valley is very limited in new home opportunities and currently only has 11 actively selling projects. "We expect sales will improve in 2000 as several new neighborhoods by Newhall are introduced", says Lynn. Inventory, although up in the Fourth Quarter, still represents very few available units for-sale given the limited buying opportunities throughout the county.

» New home sales decreased 42.1% in comparison to the Fourth Quarter of 1998,
and decreased 10.4% from the previous quarter.

» Inventory increased 25.5% in comparison to the Fourth Quarter of 1998
and increased 53.9% from the previous quarter.

» Median detached new home prices decreased 3.0% over last year's Fourth
Quarter and decreased 5.9% over the previous quarter.
-more-

About The Meyers Group
Founded in 1985, Irvine-based The Meyers Group has quickly become the largest provider of new home real estate information in the United States. The company's mission is to deliver the most accurate, timely and technologically advanced information possible via a wide range of products. The Meyers Group offices are located in major markets across the country with new expansion offices opening every month.

The Meyers Group also has a Consulting Services Division that conducts more than 600 feasibility studies in 14 states for the top builders, developers, investors and lenders in the real estate industry. The key management team has over 120 years of combined real estate experience and holds advanced degrees in economics, business, marketing and psychology.

Clients of The Meyers Group range from homebuilders and land developers to real estate investors, financial institutions, and investment banking firms. The company is regarded as a premier source for new home statistics by major media publications and news organizations around the country. Information about The Meyers Group can be accessed through its Web site at www.meyersgroup.com.

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*Complete Executive Summary Reports are available from The Meyers Group upon request.

Contact:
Hunter Robbins
The Meyers Group
(310) 656-0084 ext. 225
hrobbins@meyersgroup.com