CHART OF THE DAY: This Chart Guarantees Lots More Housing Pain Ahead

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The housing economy is going to be garbage for a long time.

Why? Per today’s new home sales number, months of housing inventory on the market continues to shoot upward. All this needs to be burned off eventually before the market hits equilibrium, and right now things are going in the wrong direction.

The red line on this chart — via Calculated Risk — tells the grim story.

chart of the day, existing home inventory, june 2011

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