CHART OF THE DAY: California's Unending Housing Problem

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We keep hearing that the economic problems won’t go away until the housing crisis is over. And if you believe this chart, put together by Mark Hanson of the Field Check Group, that won’t be for a long time. Here’s the problem: Foreclosures are still occurring more than twice as often as sales. In other words, the inventory just keeps piling up, month after month. And with the Option ARM resets still on the horizon, the mess is only getting worse. Bring out the bulldozers.

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