I think Rustico and Allan have an excellent point and the latest wall street meltdown and the NOD charts have me looking for a spot in their camp. Sure SD there has been interest for prime properties where there are few REO’s but that doesn’t mean it will stay like that, at some point when houses are half the price for the same thing a few miles away it will affect your target areas. But back to the Big Chunks, I think we may be entering those times and since it has happened in the past to a lesser degree the never before seen storm we have brewing may have some never before seen effects. The builders have had to drop in chunks and they have the luxury of slowing down construction, the banks don’t have that luxury and they are taking a beating right now from investors. One look at the NOD charts and it is obvious that it’s going to get silly real soon. Looking back in five years i think the story will be told that the massive REO’s and the banks trying to clear them before the next batch will be credited with what drove the prices down.
