Inventory is up, way up over the historically low numbers recorded in 2000. Inventory has increased dramatically. There are 257 homes over a million in the 680 corridor. I would say the inventory has increased by four times. The first quarter of this year, there were 123 homes compared to 53 homes in the same market for the first quarter 2000.
Cash is down, way down.
It's not the case now. We're dealing with real money. In four years, the price of upper-end homes in the Bay Area doubled. Such a market also gives those buyers who were aced out of last year's market because they didn't have tons of cash, the chance to jump back in. There's a lot of good buyers waiting.