CHART OF THE DAY: The Best News On Housing

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After rising sharply in the early part of the year, it’s falling again, as measured by the number of months of supply out there at the current rate of sales.

This chart from Calculated Risk shows that months of supply dropped by a whole month from July to August.

Meanwhile, the year over year decline in housing supply continues to accelerate.

Supply is still way too high, but this is a positive trend.

Click to enlarge….

chart of the day, existing home sales, september 2011

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