JP,
Yes they were stealth and then became active inventory. I think there is a good deal of stealth inventory out there just not as much as others. Even more so, I think most of the stealth will get digested systematically and slowly. This is not the simple matter so many would like it to be. While mid/high end markets in SoCal have more work ahead things have stabilized in other parts of the country. I am constantly amazed by the number of people I see sitting on the sidelines with lots of cash.
The real issue is not whether there is stealth inventory out there but rather whether there will be a huge dump of it on the market. There is always stealth inventory out there that will come on the market if certain conditions occur. If they continue to manage its as well as they have the market will slog along very differently than if there is a dump of it on the market. The major collapse in pricing is incumbent upon that dump coming. If it does not come the disposition of these upside assets can be far more orderly.
