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To: Oblivious who wrote (6042)	12/6/2011 3:22:48 PM
From: Keith Feral	Respond to of 13719

We still have another year's worth of foreclousures to work through in 2012, which should be down another 30% next year as we work through the rest of the overhang. Banks are probably still sitting on enough REO properties that have been sitting on the market for an insane period of time. Plus, there are loads of homes that have been scooped up by investors that would probably be ready to flip for a profit back into a decent market in 2012. Plus, who really wants to build in the US given the high cost of commodities next year.