The graphs in today's Bulletin are interesting to me in what they show -- and what they don't show.

1.) Inventory is 3 times last year in February. Can't be a good thing. But ;

2.) Builders are slowing down. What isn't shown is how many homes are likely to come on the market in the spring, which were held back over the winter because;

3.) Houses obviously don't sell all that well in the winter, even in the best of times. Sales in February weren't very good over the last 3 years, even during the boom times.

4.) Prices have dropped.

None of these graphs look as bad as they really are; if you take the rate of growth over the last 3 years, the drop from potential was much worse. And undoubtedly, there were builders and real estaters who were betting on that rate of growth.

However, it's pretty clear to me that we are going to have to wait until summer to see what has happened. 3 months, reflected in a new graph. It doesn't look good; with the inventory, and with the number of houses that are still being built. And the national numbers are pretty bad.

Interestingly, whenever the subject comes up in the store, not only do customers not agree that there is a slowdown, or even a potential slowdown, but they seem surprised that anyone would think so.

Oh, I don't know. Anyone who reads the news?