``"Shadow" and "ghost" inventory with respect to supply is only a part of the problem...a red herring really.  One has to look deeper than most "analysts", reporters, or bloggers care to in order to see the true extent of the woes facing US housing going forward... what should be most closely analyzed is the demand...the "selective" demand that has driven the market the past 3 years...and where incremental demand will come from. That's because the new-era housing market closely resembles the macro economy; it responds pretty much only when stimulus is aimed directly at it. ''

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