The chief economist for the California Association or Realtors wants agents to refuse to list homes at fantasyland prices. She notes that in Moreno Valley only 59 homes were sold last month (July?). There are currently 2200 listed in the MLS (Not mentioned is that there’s probably another 500 new homes finished and empty plus another 1000 FSBO’s that are not in the MLS). At that rate there is over a 3 YEAR supply of homes and that’s not counting new construction and FSBOs. WOW!