see, this is exactly what goes through my head. past performance does not predict future results. people talk about cycles in real estate, etc etc., what goes up must come down and then up again, but possibly, it could be radically different. I think the answer will become clearer in a year or so, either the hemorrhaging will slow, or it won’t. Maybe all the good repos will be gone, but, somehow, i doubt it will all clear out in 09. On balance, it just seems the risks outweigh the benefits of buying in the next 12 months.
