The reset charts are indirect indicators that we’ve been using to project the direct results. So far, it’s been working out. The number of NODs has been increasing behind the resets, the number of foreclosures have been increasing behind the NODs, and the prices have been dropping as a result of the foreclosures.
What’s interesting is that those reset charts are reporting the trends on a national basis. One really has to wonder what the true trends are like locally. I would think the situation here is even worse than average.
Anyways, my point is that the charts don’t have to be that accurate ’cause we’re just using them to project broad trends.