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To: Terry Whitman who wrote (87499)	3/29/2001 12:35:13 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 436258

Terry, >>I wouldn't hold out for any 60 or 70% falls though. I agree. During the 90's here in Minneapolis, which has to be one of the most conservative markets in the country, we have seen people building much larger square footage homes and the banks have given them loans based on old budget data related to their income. a.k.a. utility costs. These folks right now are having problems making the payments. I suspect refinancing will help, but these kids are up to their eye balls in debt and a fair number of them should end up loosing their homes. I work with a lot of 401k's and I have only seen one that has not borrowed against that asset. A whole lot of people have no assets to give them a margin of safety if problems arise. Joan