yo,
you are over analyzing this. pent up demand infers that there is demand waiting for something to happen. The lack of pent demand is apparent in places like detroit where you literally cannot give a property away at any price. In our case the demand is pent up because of a very real constraint-prices are too high. When prices fall some of that demand is released into the market.
Regarding the cracked slab, that is well and good but irrelvant to point. If the house was habitable (which is is not) there is huge demand for a home like that at that price level. Lower prices release demand that is sitting on the sidelines right now in SD. How much demand is pent up is impossible to assess but cases like this home reveal that it could be pretty substantial in some areas.
