Peter you are gravely mistaken about inventory averaging 5K between 2002 and 2005. That was peak low inventory. I dont have time to look it up but used to track that very closely. My recollection is that inventory fell below 10K in Summer 2003 and kept decreasing. It hit bottom in Jan 2004 and prices exploded upward. Other than that the inventory numbers wesee now are very average. When you take out the constrained inventory (short sales) we are below average IMO.
Nowhere did either (SD R or myself) say this wasa recovery trend. What it is, is a dysfunctional locked up market where it is very difficult to buy a home in. One that you like and want. It will only get tougher. We are not advocating to buy but we are letting you all know that when you are ready expect a miserable and frustrating experience.
