I think CV is following right in the footsteps of 4S Ranch. We saw a trickle of distress sales in 4S in 2006, then they picked up in 07 and continued to gather momentum in 2008. We saw that trickle in CV start last year and continue this year in an ever increasing manner… slow but increasing. It will continue through the next several years. However in my book, even the distress sales are way overpriced. Hopefully in the next few years the pricing will come down substantially but those who think it will happen tomorrow are sadly mistaken in my opinion.
