JP,

Considering you are an expert in the PB area. What are your thoughts about the potential price correction in the future for all of 92109?

Considering these things:
– Only 12% of mortgages in the 92109 zip are underwater.

– Once the stimulus goes through (w/ no principal write down for non-conforming and no Jumbo provisions).

– Significantly tighter lending standards.

– The pending Alt-A & Pay Option ARM issues.

– Incomes and prices still out of whack.

– Any other issues I may have forgotten specific to this area.