The market has turned. Let’s all accept it. I heard June is down 40% from last year.
Don’t look for a silver lining in reduced inventory. If some take their home off the market, there will be new ones coming on, and the old ones piling up at a greater pace. You’ll have June’s listings still on there, as DOM picks up, increasing inventory.
Sales will keep dropping, if the current increasing rate of increase continues, and the inventory will rise even if we didn’t have more listings.
But those ARM sellers are just starting to get their new mortgages.
I guess inventory of 50,000 by end of 2007. Phoenix, we are right behind you.
