Market correcting in Miami

As Calculated risk

This is an example of excess inventory being absorbed. Many of these condos were bought by international buyers and / or investors, and many are now occupied by renters. These are not "accidental landlords" (homeowners who rented their homes because they couldn't sell) - these are cash flow investors. Yes, some investors will sell if prices start to increase, keeping prices from rising quickly, but they can also be patient since many paid cash - so I wouldn't count this as shadow inventory.

http://www.calculatedriskblog.com/2011/05/renters-and-mini-boom-in-miami.html

This can be extrapolated elsewhere.
With interest rates at zero, and more investors paying cash inventory will be absorbed.

Doesn't Miami have several years worth of REO inventory in the pipe line?