Wayne,
I don't think we have seen the bottom of this yet. Foreclosures around here are at record highs and a year ago there was a big fight between the people and a developer about some land about 5 miles down the freeway from me. They were going to bull doze the trees and build houses and the people voted it down. He went to the local politicians who had a judge declare the vote illegal, and not only that they raised our utility prices by more than double to cover providing utilities to this dam place as it won't be in the city and doesn't have to pay any monthly utility bills. Now the land is bull dozed bare and the place will go on the auction block in 6 months if they don't come up with several hundred thousand in taxes they forgot to have declared illegal. I hope that the politicians who were in on this lose their houses too. I just can't see the logic of building right now when it seems half the homes in this area are fighting to stay out of foreclosure.
Ron
