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To: John Vosilla who wrote (965)	7/10/2007 1:36:09 PM
From: $Mogul	Respond to of 1718

Yes, all very proable scenarios you have posted. I think real estate is done for a while due to Jane & Joe having 80%+ of their assets there. They already realized a decent pre-inflation, low interest rate, liquidity driven boom and now it is time to give back some as other assets revalue themselves (ie. the ones that are used for purchasing power). When everyone is isn one asset class there is bound to be some pain. One way to tell how expensive real estate is in "this current period" is look at the $/per sq. ft. Here is LA in good areas I am continuing to see $650-$1000/sq. ft. These excesses need to be worked off first and they will with higher rates.