Schizo, you brought facts that many here question. Your assumption that the phantom inventory doesn’t exist is not fact based.
One reason I agree with the phantom invntory idea is from looking at Countrywide REOs in my city. CW has been rocked, was one of the biggest culprits in the mortgage mess, and probably owns more REOs than anyone. Yet in the last several months their REO listings have decreased. Couple that with banks hoarding inventory the answer seems pretty obvious.
You said, “The MLS accurately enumerates the actual supply for sale at any given moment.” How do you know? Some Realtors are telling people not to even list their houses right now.
I personally don’t care either way if the MLS is right because I think the bottom is still a ways off.
You want to measure demand take a look at the drop in mortgage applications, but save your flaming comments. When you make the same claim every month while prices continue to drop you start to sound like Chamberlain. You’re also ignoring how much prices have dropped, ironic considering your claimed expertise on Ecnomics 101.
You talk a big game schizo, why don’t put your money where your typing is and jump in a buy if you’re so convinced inventory is past its peak? Just don’t flame me when the house down the street sells for less 6 months later.
