We have a variety of reasons actually.
1. We have an older population here. Because of this, we see a lot of estate sales.
2. We have a large amount of properties that are actually second/vacation homes. With the national economy as it is, we see more people putting their second/vacation homes on the market.
3. Our entry market is shot because of the job market in our area. Young families are having a difficult time finding employment that is substantial enough to qualify them to buy a home.
4. We still have a portion of our population that is not realistic when they price their homes. That leaves properties on the market for an extended time period and skews data.
It is really beautiful here and the people are extraordinary. I hope that you will see the surplus of homes as a real plus for buyers. They really do get to pick and choose exactly where they want to live and what they want to pay in today's market.

Kathy is right...http://www.currycountyreporter.com/news/story.cfm?story_no=4347
unemployment rate 11% Dunes

The jobs that are available are usually service jobs. There are not that many well paying jobs here now.