Interesting article; however, its discussion of “shadow inventory” is limited to distressed properties. I believe there is another shadow hanging out there which is made up of homeowners who have just been waiting for the prices to rise. They have been trickling out of the shadows as personal circumstances force sales, but for the most part people who purchased homes, especially second homes, in the period 2000-2007 and who did not have mortgage problems, have been holding out for rising prices. The question is, when is the price high enough? And another question: when will they realize that 2007 prices are not returning until after 2020?