I read an article the other day on the rising number of foreclosures in nearly every major market except Philadelphia. It then subtly pointed out Philly has a moratorium on foreclosures.
I think people are starting to realize sitting this bubble out wasn’t such a bad idea. Even if inventories are truly flat and not due to unlisted REOs, with 12 months of it there would have to be 6 months of sales at 2007’s non-recession, yet-to-realize-housing-crashed pace with no new homes listed just to get back to where listing a house is worthwhile.
Look at Rich’s graphs. From March to June each year it started to look like things were picking up until Aug-Oct, when they get slammed, and each year it’s gotten worse. It won’t continue forever like that, but the Padres have a better chance of winning the Super Bowl than 2008 not being far worse than 2007.