It is hard to say right now. In July when we can look back and see how the spring really did stack up I think we will have a better picture. The April volume figures are going to be very interesting to see. Again, I don’t see any of this activity any more then a nice little spring push and then things will come back to normal.
I absolutely do feel like more modest areas that have run down quick will bottom out quicker. One thing to note though is that these areas also have a larger inventory of REO properties to chew through. I think we are not at the bottom in Mira Mesa but I do think that there seems to be a spot where alot of homes priced in that low to mid 300k range go pretty quick if they are in decent shape. There are some pretty scrappy places thats for sure. The good thing is that hopefully the nicer places that don’t sell will start to now come down there.
Lets see the spring numbers on sales volumes. Once we get into a long hot summer hopefully we will see another leg down. It will depend on rates.
