Why is 19k the magic number? I have heard that it was the highpoint of inventory last bust, but why is that significant? As with most things piggington related, shouldn’t we try to arrive at a number of listings which has some underlying significance? Say the number at which 2% or 5% will be in foreclosure? I ask this because I don’t think that the number of listings is particularly important. Its what it implies that is important and thats what we should be trying to gauge, seller “motivation.”
