So far this year, a third of the way through, twelve houses priced at $4.5 million and up were sold, eight of which were spec houses. That compares to forty-six in that range sold in 2007, twenty-one of which were spec. As of today, we have sixty-one spec houses actively listed at $4.5 million or above. If no more come on (dubious, if you look around town and see all the houses nearing completion), we have only 2 1/2 years inventory. Of course, not all those houses have to be sold – a number of the more solvent builders are renting their projects out, hoping for better times to come, when (they hope) a used house will be worth more than it is today. Maybe.