What segments of the sellers “demographic” have changed so dramatically? I mean, comparing to a more normal housing market. I am curious why is the inventory bottom low. It seems to me the prices have recovered quite a bit from the “bottom”, we’ve worked our way through most of the short sales and foreclosures – I think. Are that many more people still underwater? Are the banks holding on to the foreclosures “tsunami”?
Is the low inventory not as bad compared to normal market because even though at any given point not many houses are on the market, they go in escrow within days, compared to weeks in a more normal market?
