My comment about don’t be surprised if there is a bump was more or less a defensive statement just in case the August numbers don’t represent the same trend that we have been seeing. In my mind I think August should follow suit however I think we will start to see an inventory reduction. However not because of a strong blip up in sales, moreover due to many people throwing in the towel…. so yeah it is part seasonal for people to punt at this time of year. So I expect over the next 4 months for the inventory tide to go out a bit….then the tsunami rolls in around February/March.

Again though I am not seeing a strong run in sales but I have seen a few more pendings. For instance two weeks ago for the infamous 3/2.5 condos in 92130 there were only 3 pendings. Today I checked and there were 8 or 9. However they were all at the lower end of the price ranges.