Does CoreLogic believe the glass is half empty?

As of September 2009, says First American CoreLogic, there was an estimated 1.7‐million‐unit pending supply of residential housing inventory, up from 1.1 million a year earlier.

Sometimes referred to as “shadow” inventory, the pending supply is 3.3 months, up from 2.4 months a year ago.

The “visible”  supply of unsold inventory was 3.8 million units in September 2009, down from 4.7 million a year earlier. It fell to 7.8 months in September 2009, down from 10.1 months a year earlier.