here at face value it does not sound good, but if you take the time to think about it. You could come to the conclusion that there is pent up demand for housing moving forward which should be good for any local market including Nevada County. As new ownership fell, investors often swept in to buy while often paying cash, so the footing for a recovery is in place. The recovery is being built without leveraged financing so it should be very stable market moving forward at the same time, interest rates are at all time lows and prices are down as much as 60%. The future looks bright.