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To: John Vosilla who wrote (966)	7/10/2007 2:10:12 PM
From: Dave54	Respond to of 1718

Hi John, To be honest I had no interest in rental property then, still don't. I was in my mid 30's then and golf seemed like a better idea than fixing up renters destruction. I was aware of other agents that did and most were sitting pat on properties they owned prior to the crash, wasn't aware of any kind of mass movement to grab the repo's by them. All of the repo's I sold were to owners that intended to occupy the home. At peak we had 3,000 homes on the market some 4X's normal and sustainded a 25-30% devaluation. This time is quite different in terms of the magnitude of the event. It only took 3 years for our crash to work through the inventory, though longer for prices to rise back to where it started. I suspect this time it will greatly exceed that, if it ever works through it, due to jobs being exported and the effects of peak oil on the suburbs. Also we weren't over built then, like the hot spots around the country today. It was estimated that we lost 5,000 well paid oil field workers during that crash and they were forced to move to other locals to find work and in most cases not related to the patch, which interesting enough is probably the main cause for the lack of experienced oil patch workers today. Nice little mini crash on the heels of Ben's words, haven't heard what he said but it is certainly helping my QID and SDS positions. Best to you. Dave.