It’s close to employment, it’s new and most of the homes are in the upper price ranges and were not financed with subprime. A larger percentage of those buyers actually have jobs that can pay those prices, so that will cut down some on the foreclosures. Also CV has been more biased to the Alt-A programs rather than subprime; and those Alt-A loans have been running on a different clock.

CV’s turn will come and when it does it will have some significant losses, although probably not as bad as some of the outlying areas. Still, if an $800k house in 4S eventually settles at $500k, the $950k house in CV isn’t going to stick at $800k.

Every market segment competes with its alternatives. It’s all connected.