“Ramsey Su, an investor and former real-estate broker who attended, calculated that the high bids for the homes averaged 67% of the prices they fetched when they were last sold, mostly in 2004 or 2005. At a similar auction in San Diego in May, the average was 73%.”

For those of you who may not have noticed the broker,Ramsey, has made “guest” posts for Rich. You can type Ramsey Su into the site search and several of his contributions come up. Excuse me if this has already been noted on another thread.