I see your point and don’t doubt that but here is what I am paying attention to, it’s the tone of the boards of being shell shocked that was not present before the last few weeks. To me that is a barometer of what is going on out there. Of course loans are not going to dry up completely but from my view it does appear that this is a very very different environment. I mean if you can only give loans to people that can actually afford them it will pretty much tank the California market don’t you think. 🙂
