careful, page-6

Guys

Lets take just one property in Sydney.1 alfred St known as Goldfields house,the valuation date is 30 June 07.Thats way over valued in todays market with a book value then of 290Mill and they paid 274mill.It would have dropped to 230Mill by now imo and a carrying loss of some 40Mill.And this is Australia,UK and Europe are far worse.This is just one example and through these devaluations come defaults of debt contracts.Welcome to the recession we didnt have to have.Cheers