Total housing inventory at the end of July increased 2.5 percent to 3.98 million existing homes available for sale, which represents a 12.5-month supply at the current sales pace
---NAR, 8/24/10
Shadow Inventory: "...a total of roughly 6.97 million residences that are almost certainly going to be thrown onto the resale market as distressed properties at some point in the not-too-distant future."
---Minyanville today
Lessee... Napkin arithmetic says we are soonish to have greater than 30 months of inventory out there.
(My bolds)
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