FROM YOUR PRESIDENT Dear REALTORS® and Guests: Welcome to the 2013 REALTORS® Conference & Expo and beautiful San Francisco, California. I am proud to call this state my home and even more honored to share its breathtaking views, fine cuisine and abundant hospitality with all of you over the next several days. As we gather here in the City by the Bay, there is so much to celebrate. The residential and commercial real estate markets are recovering and, once again, are powering our national economic recovery. REALTORS® stood by and defended the real estate market after the financial collapse when everyone else was criticizing and fleeing the marketplace. Because of your steadfast commitment to the promise of homeownership and real estate investment, consumers are returning to the market, neighborhoods once blighted by foreclosures are being refurbished and communities are teeming with new life. But, our work is far from complete. In fact, our industry is still facing daunting challenges. We are fighting to protect a tax code that reflects the values of America, including preserving the mortgage interest deduction and exclusion of capital gains on the sale of a primary residence. The future of housing finance must strike an appropriate balance between better protecting the taxpayer while also ensuring the real estate market is stabilized through federal government backing. Achieving this will strengthen the housing market, stabilize the financial system, and lead to a healthier, more durable economy. How we prevail on these issues will define our industry and our nation for a generation or more. This week will offer us many opportunities to tackle these big issues, as well as learn the latest trends for the benefit of our customers and clients. It will also offer many smaller moments, such as reacquainting with old friends and making new ones. If you truly care about homeownership, real estate investment and real property rights, there is no better place to be than San Francisco, California, this week. The 2013 Leadership Team, the Meetings & Conference Committee and our professional staff are thrilled that you are joining us for what will be an energizing and memorable conference. Gary Thomas Gary Thomas 2013 NAR President 1