Of course, inventory will probably turn up this spring and summer because of the regular seasonal pattern, but the underlying trend will be less inventory than is typical for each season, not more.

FORBES: Housing Inventory Shortage No Longer Free Falling

The weak 1st quarter number actually benefited from inventory accumulation, going back to the quarterly pattern prior to the 4th quarter.

FORBES: Pop Go Commodities; Dollar And Euro Deja Vu