Still waiting on the February statistics from our association. I won’t be surprised if we had less activity than in January. Every bit of news has been negative during the last few weeks and one of the lessons of the Albuquerque/Rio Rancho market is that for the first time this market is following the national market. And, fundamental to the problems with the economy is that NO one understands all the root causes of the meltdown — and that is what is injecting an extra level of caution. A good quote from yesterday’s financial articles: “Bubbles lead to busts. Busts lead to panics. And panics can lead to long, deep economic downturns, which is why the Fed has been taking unprecedented actions to restore confidence.” (NY Times 3/19)