When this thread first came up I was going to tell you that expecting 50% nominal is too much across the board but there will be specific examples. A day later I read the posts and have to concur with Perry, “When Bugs talks, I listen.” Bugs is not an uberbear and this is not what I would have expected him to say two months ago. I have seen some strange clouds forming lately, have been through storms before but have never seen clouds like this. So I’ll lock in my vote at 30% across the board and 50% examples based on the area, year built and density of toxic mortgages in a given tract. And I think we will see evidence of those 50% drops within 24 months. The reason I think the time frame will be faster than ever before is because of the internet. It has become the primary information source for the buying demographic and it’s too difficult to control. In past downturns, all of the information was controlled by people with a vested interest in the market. The game is different, the rules are different and the results will be different. Of course if I’m wrong I can always blame it on Bugs, Perry and the rest of you.