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INVENTORY
An excellent leading indicator of changes in the market, inventory levels are important to watch. Again, despite expectations to the contrary, inventory has remained at super low levels even in this rising rate environment. Although demand is clearly impacted by increased rates, an argument can be made that sellers are also discouraged from listing and completing exchanges into upleg properties with higher rates than a current portfolio, further constraining supply. There’s certainly no distress in the market these days either, so we have no expectations of foreclosure inventory or quick bargain sales.