I have had a chance to look at the absorption rates after a week hiatus while I tried unsucessfully attempted to beat my son at golf.

There was a significant decline in homes on the market in all counties and in some towns the active inventory dropped between 8 and 10%.  Less and less homes for sale over the last month.  Is the inventory starting to get worked off or are people taking homes off of the market waiting for better times.  This all means that there is less to choose from.  I could get interesting in January when people start to realize how afforadable homes are especially when you can 30-year fixed financing under 5%.

The Case-Shiller Report was released today reflecting housing activity through October.  It showed record drops in home prices nationwide.  I have not had a chance to review the numbers in detail, and I will do so shortly.  The drop does not surprise me as October 1st represents the beginning of the current economic crisis as far as I am concerned.

See all of the data here.