If you haven't read this story in LA Times, here is the article for you....
SHORTAGE OF HOMES FOR SALE CREATES FIERCE COMPETITION
Alejandro Lazo, Los Angeles Times
June 10, 2012
With housing inventory at a low, would-be buyers are scrambling to bid on homes before they're even listed, and real estate agents are vying to represent the few sellers that do exist.
The newest problem for the slowly improving housing market isn't a shortage of serious buyers, it's a shortage of good homes.
Would-be buyers are packing open houses and scrambling to make offers on properties before they are even listed. Bidding wars are erupting. And real estate agents are vying fiercely to represent the few sellers that do exist.