Although the phantom # is huge, it doesn’t affect the market one bit unless the lenders are will to put it on the market. If they trickle them in, then we’ll see a continue decline in inventory, which would help stabilize the price. That’s how I look at it. I like to see someone explain the 30% drop in inventory. That’s a big deal I think. Is the 30% coming from people who don’t need to sell pulling out of the market? There are a lot of property on the market right now in MM that say they already have offers and are just waiting for lender to approve. If we going to give credence to phantom inventory, then we should also subtract these inventory that already have offers and are just waiting.
