Sorry, this has been such a busy spring and we've been busy enough that posting our thoughts and perspectives became a second priority. However, I heard from a client today that they were wondering whether we'd quit ... they hadn't seen anything come up.

Again, sorry. What we learned was that this is a great way for us to stay in touch with all our clients, that they like to get a "feet on the ground" perspective. Certainly, this has been a strange market and is worthy of some comment.

We'll post a better update this weekend. But here's the bottom line:

• Contrary to what the pundits say, it is not a buyer's market. Simply put, Sellers have not capitulated and they are not accepting buyers' low ball offers.
• There has been a surge of buyers and buying in the last 15 days. This is welcome but a real change from the prior month. It may be short lived but buyers are still hoping for the rock bottom price.
• Interest rates as a stimulus to the market seem to be fairly tame. People are certainly aware of the interest rate moves but it isn't the driver in their decision-making process.

Inventories have increased; prices are under pressure ... check back this weekend for more.

DS