Thanks Bugs, I think that these are beginning to drive the market in that particular tract, the local news didn’t go there because there was two or three, they are close to half of the listings and dominating the sales. I think if I were a lender i would thing twice about loaning someone 700k knowing I will have a hard time getting 500k back if it was repo’d. Do all appraisers drive through the neighborhood and visit the house in person or do some appraise using computer data only? I drove through and there are a lot more brown lawns that aren’t on the market yet, the heat of summer is very revealing.
