desmond, you’re right on! Funny comment, I have to laugh at myself.

I think Bob’s comments about the high vacancy rate are very important, and haven’t been covered enough. He told me sales are down by increasing increments every quarter. Down 10%, then 20%, then 30% in this last quarter. If we keep going at that rate and don’t pick up any speed, we will be down 40% in the Q3 06, and down 50% in Q4 06.

Bob also explained that the high inventory is due to fewer sales, not more listings. This is a big misunderstanding floating around. People think desperate investors are unloading their properties. That is not contributing to the high inventory. I believe when people start dumping their homes because their mortgages adjust, inventory will skyrocket.