That’s true. That assumes that there is this nice gradual gradient of price change for land as one moves out from the center of a metropolitan area. I don’t know the answer, but my observation is that that is not what occurs. In the New York metropolitan area, for example, I think one could cite many locations where land prices closer to Manhattan, say in Newark, are not rising as rapidly as in Short Hills or in Hunterdon County. So, that relationship probably just doesn’t hold in reality.
Another thing that we’ve observed, particularly in our metropolitan area, is that state and local governments are now aggressive bidders for parcels of land that are potential sites for residential development. So it’s conceivable that the price of land on which one could build a home now is rising extremely rapidly—and perhaps even more rapidly than land closer in that has already been developed.