Concho,
The inventory of 3 years ago was indeed 1/3rd of what it is but that was an extraordinarily low inventory level. In fact, it was that extraordinarily low inventory that caused the panic in late 2003 when we saw prices shoot to the moon. The level we are at today is not high by any measure and much of it is crap. I believe that there are about 150,000 homes in SD. Someone please correct me if I’m wrong but that would place inventory at 1% of the total market. If inventory doesnt start dumping onto the market in the next few weeks, we could be positioned for a Spring rally.
