Home resales increased by 3% in May for a second straight month to an annual pace of 4.82 million.  This may incline many to believe the economy is in a growth stage; however, the increase in home sales is most likely a result of the foreclosures surpassing 300,000 for a third straight month, pushing home prices down even further.

In the printing and publishing industry, deal count numbers look positive compared to 2008, with 32 deals being completed YTD ending 6/19/09 (relative to 37 in the YTD ending 6/19/08). However, the aggregate base equity involved in these deals is sharply lower than 2008 levels.  We believe that consolidation in the printing industry will continue as companies attempt to utilize increased economies of scale in order to drive down costs. That being said, blockbuster deals in the printing industry do not appear likely as most recent deals have been of the smaller variety.