Bugs, could you tell us more about the variability in price/rent in various areas, since you do that in every appraisal already. Also, can you tell us more about the last downturn? Someone told me there were foreclosures all around Poway High School, which is one of the best areas of Poway. Did you see any of that? Why do you think we reached the peak inventory of the last downturn in year 1 – is it because our population has grown? What are your observations in regard to people leaving San Diego, and the percentage of appraisals done for refi vs. purchase? Are refi appraisals more lenient? Thanks for all you’ve written so far; you are a wealth of information, and you explain it all so well. Oh, and do you believe as I do, that the new lending guidelines are going to bring sales to a screeching halt?
