The closings map has a color overlay of household income to show the relationship between where closings are taking place and the average income in that area. As we drill down to the individual city and units, the model shows that not all closing activity in the area is the exclusive domain of higher income saturated markets as one might think. Another interesting thing to review but not reflected here is the numbers of loans to cash deals in these particular areas. I won't give away that result but will say that loan underwriting has increased and that lenders are expanding the number of deals they will write in the various submarkets.

The distressed map shows housing unit growth color coded on a percentage basis with active distressed condo activity shown in red clusters. It's interesting to note that not in all cases is the highest distressed sales activity in the higher growth markets. A lot of times buildings whose unit owners had a lot of equity built up in more stable non growth markets transferred that accumulated wealth into newer properties. Upon default, the owners stayed with the newer properties forsaking the older ones. This is not always the case but the overlay shows that the relationship between these two metrics is not absolute.