Some numbers fro california

Sept 07 only 12% around 12455 salese were foreclosure related. there are 10885 organic sales. And the jumbo loan were pulled in sept last year because of the credit cruch. Then can't get a jumbo loan last sept.

Sept 08 50% were foreclosure related. that means only 10249 were organic sells. so the real sales number is doen not up.

And price fell 7.6% in a single month is horrible.

Don't you know that the write downs? It wrote down on the price level that was higher. If we drop 7.6% in one month. The books for the banks are much worse than last month. I am pretty sure they are going to cover it up and not going to tell you. Level 3, marked to nobody knows what.