What is interesting is all these macro trends being applied to a focused real estate development company. If you are invested in a New York residential real estate developer, do you care about a report of over-building in San Diego? If the First Texas Bank of San Marco tightens its real estate lending standards, does this influence your investment decisions for a Yonkers real estate developer? Do you sell quickly in your New York investment upon a report of shoddy construction practice by I Have A Wheelbarrow & Sons in the Chicago south side? If you are concerned enough to sell on the macro from the last week you either do not understand your investment or had a short play.