We have certainly seen the good news/bad news in our Corral Canyon micro market over the last 6 or so years. The bad news in the regional real estate market had been the low sales prices fueled by distressed sales. Our Canyon was not immune to this, though our source of distressed sales had a slightly different geneses; the fire rebuilds. Sadly, many of the homeowners attempting to rebuild did not complete the process for a myriad of reasons. This is why we saw some absolutely spectacular short sale and foreclosure deals on brand new builds and homes just short of having a certificate of occupancy or C of O (C of O is the final permit allowing a structure to be inhabited). So what is the good news for our canyon values and, most importantly for many, “when can I refinance”?