Sorry for two LAT posts in a row, but this was the headline on the front of today's times: "Home sales and prices on the rise." (The hard copy headline is slightly different from the LALand headline, where I got the link.) I know you won't believe me, but Peter Hong interviewed me for this article. I didn't make the final edit. Bah.
In fairness to the media and how under-reported this story has been, most of the major journalists use financial statisticians and data experts for their sources. As we all know, those folks measure what has occurred, not what's happening this minute.
As far as all that foreclosure inventory, don't hold your breath for it to hit the market. My sources tell me that it will trickle on to the market over the next two years.