I see it this way. I just think there is some natural turnover in any part of town. From Carmel Valley, I think empty-nesters and divorcees are those who find it is time to sell and go somewhere else. They aren’t distressed sales, but just time to sell. So, I think they have been waiting for the market to turn up but it isn’t really going anywhere.

It is bouncing around in a fixed range and will be for some time. I think brian said it best – they are losing patience. These sellers are ready to take an offer at the current market value to get to where they want to go next. Plus, they have had some time to get used to the idea of taking a hit and realith may sink in a bit. Maybe they have even saved up some cash so the pain of a short sale or loss isn’t as acute. Maybe they take the pain to find a better place.

This scenario doesn’t mean plummetting prices, but it means a little downward pressure.