ms. zelman. >> thank you, mr. chairman. as we enter the sixth year of the worst recession in the house and senate great depression, many have suggested we become a renter nation and the american dream of homeownership instead. i do not believe this to be the case. we believe -- i should say i believe our great nation is still farming households, which is supported by population growth and we ask that by population growth in household permissions will even to nearly triple the activity from today's depressed levels. but that said, there's clearly been a disconnect between the longer-term demographics in near-term reality. i estimate currently 2.5 million excess vacancies need to be absorbed before a return to burma but in activity levels can be justified. this number has potential to move even higher given the current pipeline of 4.000000 mortgages that are either in the foreclosure process for 90 days to link win. i believe the most powerful tool that washington can provide is a rental program to dispose of vacant reo and f

ms. zelman? >> good afternoon and thank you mr. chairman. >> good afternoon and then she mr.u.s. housing market. as we enter the six years of the worst recession in housing since the great depression, many have suggested that we have become a renting a nation and the american dream of homeownership is dead. i do not believe this to be the case. we believe that or i believe that our great nation is still forming households which is supported by population growth and we expect that population growth and information will translate into nearly triple the activity from today's depressed levels. with that said there has been a disconnect between the longer term demographics and the near-term reality. i estimate there are currently 2.5 million excessive vacancies that need to be absorbed between the return to the building to become a normal building activity before it can be justified. this number has the potential to move even higher given the current pipeline of the 4.000000 mortgages in the foreclosure process or in the 90 days delinquent. i believe the most powerful tool that wa