One more point to address your #5 seasonality. The Spring bounce was not so much a bounce as it was a restoration to last years levels. If you remember, I was reporting funny goings on in the market between Nov and Jan of last year. I thought it might be another leg down but it wasnt. It was the last big block of short sale inventory that had been on the market for a long time getting cleared at bargain basement prices. Thats the reason inventory has dropped so much. That big block of short sale inventory got cleared and has not nor will it be replaced hence we have inventory levels more than 25% down from last year. That last gap down is past and there isnt anything to bring the market back down.
