When the economic crisis first hit the U.S. people assumed that foreign investors were going to go on a shopping spree for U.S. distressed assets immediately. That hasn’t been the case. What has been occurring however, is a slow and calculated pattern of purchases, in addition to the formulation of a couple of funds that will been insutitutional purchasers.
I suspect that as more transactions close, the trend will pick up — as long as the U.S. economy remains steady. We will see.