CHART OF THE DAY: A V-Shaped Recovery That Homeowners Won't Like

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Today the NAR reported disappointing existing homes sales.

Here’s what makes the number particularly ominous.

Housing supply is continuing its sharp “v” pattern, as it shoots towards 10 months.

As long as this is going up, expect more headaches, lower prices, and overall housing market misery. (via Calculated Risk)

chart of the day, existing home inventory, july 2011

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