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High Inventory and Low Sales: Which Goes First...the Chicken or the Egg????

It has occurred to me as I have been doing my year end market reports and reading so many others on ActiveRain that I could learn a lot about how my Lake Norman housing market is going to progress this year IF ONLY I could get some true insight from those of you who have hit your bottom and have pretty healthy absorption rates.
From Florida to Michigan to California I am reading fascinating year end reports that are showing some real signs of improvement while my area sales have dropped 50%.
My Lake Norman real estate downturn was very late to the party.  We saw a slight drop in sales starting in March of 2007 but weren't truly starting to feel real pain until 2008.  Here is our problem:
Our inventories are still very high even though they are down from almost 1800 to 1400. Our sales are very very low Our absorption rates remain in the 23-34 months of supply on hand! Average prices have only dropped about 5% As I look to 2009 I keep wondering HOW are we going to GET THE ABSORPTION RATES DOWN to 8 months of supply?  How are we going to get our ... more

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