CHART OF THE DAY: Now Here's A "V", The Housing Backlog Has Shot Straight Back Up

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Existing homes sales for April came in better than expected this morning, but here’s the bad news: the backlog of existing homes continues its upward trend.

As this chart from Calculated Risk shows, after supply briefly touched about 6 months, it’s above 8 months again, for the third month straight.

And now that the tax credit is expiring…

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