Because of the falling spread and the continuing Fed purchases of MBS inducing more fear of a further tightening spred and dividend reducion... I predict that the reits sell off big time before the end of the 1st quarter or 2013. I had been buying reits for about two years now, but I am out of all reit stocks now. When the market is not buying a high paying reit like ARR trading at 84% of book value you know people expect decreased earnings and that will not change in the 1st Q of 2013 with the Fed continuing to buy. Eventually the Fed will win.