GlobeSt.com: What is it going to take for transactions to start happening again?

White: Truly distressed sellers. There are a lot of mortgages in troubled situations out there, and that's growing every day. Not all that much of it has been at the point where the lenders are in control and can sell it at whatever price the market would bear. There is also a lot of internal strife between the lending syndicates of whether they should dump an asset now or hold on to it. The senior holders definitely are in favor of a quick liquidation, and everybody below that is fervently against it. We haven't seen a lot of that. We've seen some note sales, and that is increasing in activity, but it hasn't exploded the way it probably will at some point when people are probably a little more comfortable in buying.

The other factor would be when people feel that at least they can feel the bottom in sight. I'm not sure that we necessarily have reached the bottom and be on the way up, but there has to be no more danger that the economy could fall off the cliff. But it's just amazing how few deals are happening.