I agree, but I have seen some softening. When the next group of loans starts resetting and/ or jobs dry up, then you will see some changes. There were 5 foreclosures in my neighborhood, but all but one has been sold. They looked like inside deals. No one really lost big. The last one was from a flipper par excellence- 11+ down town condos. They put a lot of money into the house and it was worth over a million, so I really do not see the bank willing to lose that much money on it. However, if they do, that will reset all our comps. It is a matter of time before the real bloodletting starts.
