Fortunately we have not been so affected by this downturn here in Texas…particularly in Austin. In 2010 home prices were up on average throughout the state. Probably this is due to some limitation of new home construction along with homestead laws that made it near impossible for borrowers to obtain more than 80% of the equity from their homes. We never had rampant run-up of values that some of these other markets acheived in the mid-2000’s. Texas experienced this type of crash in the late 80’s and early 90’s. There were foreclosures all through Austin, where on some streets almost all of the homes had foreclosure postings in the windows. Those were bad times in central Texas. A lot of that was brought on by unfettered growth in the years immediately preceding 1988. There were 100’s of vacant houses in area’s that you would never imagine that to be so. This devastation turned (on a dime) in 1992. By 1994 most of the “reasonable” equity acheived during the boom of 1985 had been equaled or surpassed. Louis