^Interesting thoughts.
Inventory is indeed relatively low while sales numbers continue to be brutal. From personal experience I've noticed that homes we are looking at are still on mls for 6+ months (some more than a full year already) with 50-100K price cuts still with little movement. Those that do come off the listings are generally people giving up rather than actual sales.
Just for s&g's we even looked at the West 17th development (I think that is the name) - there were being listed at 1.2-1.3 million each last summer. They are all sub one million now.
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