1. Good question about intermediate, and long term inventory levels. Over the past couple years inventory levels have been very low. The quantity of sales have dropped substantially over the past few months (at least in the Los Angeles region), as the institutional investors have backed out of the market, and the conventional buyer’s affordability index has taken a hit. Construction of new housing, even with the recent increase in housing starts, still doesn’t keep up with demand. I can see a bit of a housing crunch,as there will be demand for housing, but purchase affordability being an issue (especially as rates go up. Location, and timing, is everything…

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