I have been with ICG for three years. I just got back from the latest advanced seminar in Los Angeles. I when by the different territories that had single family and condos for sale to investors, and this is what I saw. NEGATIVE CASHFLOW. Some where negative cash flow with 10% down interest only with 5 year ARMs. Many had negative cash flow with 30% down. Why would you want to buy these properties? Unless something really extraordinary happens, at least the next two years will have no appreciation in the United States in almost every market. The subprime and foreclosure problems have not reached their peak for at least two years. Realty Trac which mon monitors foreclosures list California, Nevada, Arizona, Colorado, Florida, Ohio, Michigan, Texas, and Georgia as the biggest foreclosure markets. All states will be affected including mine. However, some areas will still appreciate. San Francisco still shows positive although only at 2%, but after their long run up in value that is okay. My state, Oklahoma, is doing better than most with the end of the year anticipated to be 3% to 5%. Trust me, other than isolating small market segments within a given area this is as good as this gets for awhile. I listened to a RE/MAX executive on CNBC today saying that the worst is over. I am a RE/MAx Realtor and I say that is garbage and spin. What is important right now os how to get effective return on investment. In Oklahoma their is a way. First, our economy and affordability and kept us from the worst aspects of the mortgage misery. We can take all of our properties we offered in LA and show positive cash flow with a 10% down interest only. Second, look for rental appreciation. We are up 8% this year over last year, and with mortgages now requiring down payments, first time buyers will be todays renters. Concentrate on conservative markets not oversaturated with investors that can cash flow and build on both a reasonable appreciation, and increased rental rates. With our low taxes, low insurance cost, and solid economy this is the best place to invest. FYI, I have a list of single family and condos that have leases built in before you buy. Give me a call.