We have worked the foreclosure market for about 6 years now. As of the last 2-3 years, the activity has been very slow: most homeowners who were heading down that foreclosure path were able to re finance and cash out to catch up. I believe that the opportunity to re-fi is gone. We are beginning to see more pre foreclosure market evaluations from lenders and have seen our inventory of fooreclosed properties that we are marketing increase. An interesting observation is that these properties cross all price ranges. I have informed my team to gear up for what I anticipate to be a very active 4th quarter and into the 1st quarter of 2007.
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