I was wondering if there are any JVs that accounted for a big chunk of the charges and then also the $10 million in loss for the charges, what was driving that.
Bruce E. Gross
There were a few JVs that had larger charges; a couple of them based in the West Coast generated the bulk of the loss and then one that was diversified over different geographies. And then the $10 million loss before the impairments, there was not one item in particular that stood out. It was just a combination of losses in different joint ventures.
Stephen East – Pali Research
Okay. And then you did a great job on the orders and you all had said you were going to clear out specs and you did. As we look forward on the orders, does this give you a big hangover so to speak and do you think you can continue to put a similar type of order stream in place?
Stuart A. Miller
Well Stephen, unfortunately the answer to that is just as you asked looking forward and I think that the question looking forward is really market dependent but I think the import of your question is do we feel that we’ve stressed ourselves in the prior quarter by kind of stealing for the future and I don’t think we have done that at all.
Stephen East – Pali Research
Okay, great. And then just the last thing, on your corporate SG&A you had a run rate that you saw in 2004, how much of that is related to consolidate synchronization that you talked about versus just really needing to get that cost structure down further.
Bruce E. Gross
Just to clarify Steve, you said corporate SG&A?
Stephen East – Pali Research
Yes, the corporate general and administrative line that you report.
Bruce E. Gross
Well, going through and answering that question relative to how much of that was relating to some of the centralization, the centralization of purchasing and accounts payable that Stuart mentioned that factors into SG&A, not into corporate G&A.
Stephen East – Pali Research
Okay and then if we look at corporate G&A your total dollars the first half of the year are about the same as they were in 2004. Can we expect a better performance there or you said something that you have reached the bottom line?
Bruce E. Gross
No, I don’t think we’ve reached the bottom line in corporate G&A. We still see opportunities to reduce legal costs for example so there’s no room to go down in the corporate G&A area.
Stephen East – Pali Research
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