Yes I agree PB gets hammered around here pretty hard. I like the two areas you mentioned and still own a property in Crown Point that I lived in for over 10 years. In general the submarkets you are referring to have indeed gone down some. Not anything like 30% or anything like that but the same premiums they used to receive are indeed gone. I believe they will come down more but it will take time and they will be on the backside of the depreciation cycle. Alot of stubborness and many of the homeowners have pretty strong equity stakes as they have been established for awhile.
Others have done alot of upgrades and remodels. There will be distress here and there and people will pick out some problematic properties. I think the first properties to have problems will be the small developments you see here and there that have been built in the past few years and were purchased at ludicrous prices.
