Dear Friends and Family,

Confidence is a belief in favorable outcomes. Recent concerns over declining home sales have affected investor confidence. There are multiple reasons: double dip fears, the expiration of the homebuyer credit, or timing shifts in purchases. We believe home sales will begin to rise sustainably in August or September as normal market forces return.

A historical note: after cash-for-clunkers ended in 2009, auto sales briefly fell, then surged again—suggesting confidence rebounds when growth feels real.

New Rules for Gift Cards:

• Covered cards include store-branded and logo-branded (Visa, MasterCard, etc.) gift cards.
• Funds on the card are valid for at least five years from purchase or from the date funds are added.
• All fees must be clearly disclosed on the card or packaging.
• Inactivity fees may apply after one year, and only one fee per month can be charged.

Good news for the upcoming gift-giving season! More on the Dodd-Frank Act in future letters.

Sincerely,

Katz Family Financial