cyphire – I still like the idea of gauging prices. After all it was prices that were used to justify and define the existence of a bubble. However, as you point out, price alone is not effective in defining where things are headed. Months of inventory is a decent gauge of the market since it accounts for the two key items that 9 out of 10 economists agree drive prices : supply (houses for sale) and demand (recent actual closed sales as a proxy).
