My sense is that most/many of the Piggs are looking at the housing market(s) in isloation from the rest of the economy. IMHO, it seems to me that the byword should be caution. The macro-economic situation is very dire and could get much worse. Aside from national issues, California will have monumental problems of unemployment, bond payout, just to name a few. The big picture is very ominous right now.