MY BEST INDICATOR of the real supply glut (via John Mauldin):

"Jim Eggleston, owner of Sacramento's biggest residential 'For Sale' sign installer, predicts this will be his busiest week in 21 years in business. He's had to hire an extra worker and buy a new delivery truck since his crew planted a one-day record of 225 signs on Monday.

"'There are whole lot of houses going up for sale,' says Eggleston, who promises next-day installation when a real estate broker orders a new sign. 'The number of 'For Sale' signs we're removing keeps going down relative to the number we're putting up.'"