Today, I was waiting in a title office waiting to sign papers and reading the Phoenix Business Journal. The following article jumped out at me.

Cachet to unload Verrado inventory in its first new-home auction 

Minimum bids start at about 50% of current list prices.  Twenty-eight single family home.

Yikes!  I would sure hate to be one of the neighbors. 

Oh, I guess they already thought of that.

“It will be a huge negative for those homeowners who currently have their homes up for sale in the neighborhoods where the auction homes are located.”

And then, I read Shailesh’s concerns about the potential for a catastrophic financial meltdown.

This is going to be a very interesting year.