Thanks to Bob Casagrand for the November market report, released today. Bob explains the difference in price drops between attached and detached, that inventory always drops 14% this time of year (so don’t let anyone tell you things are stabilizing), and the concept of “effective inventory”, which explains why prices haven’t dropped as fast as they should, considering the months supply. Also he explains why there are multiple bids on prime properties (because so many are an embarassment to show, or have other issues).

Remember the NYT article from today? They called Bob to interview him for this story (he told me about it already a few days ago), but he declined. He doesn’t like to get his name in the spotlight. It would have been interesting though to have him explain the problems with the data, to the very enterprising journalist at the NYT.