“Active inventory is at 126 which is lower than it ws at any point in time in 2007. This time last year it was 156. Pendings are at 32 which is also lower. This time last year it was at 52.”

Fewer people selling and fewer people buying. Fewer dollars being transacted. In this environment I also imagine fewer luxury cars are being purchased along with large flat screen TV’s, cosmetic surgery, etc. Thats the real story, people in the Carmel Valley’s of the world are hunkering down. These areas are the creme la creme of the American consumer. Carmel Valley’s biggest threat in 08 and 09 are the effects of a significant recession. We have not really truly experienced that up to this point in time.