Yes, just wait until the MOM numbers become horrific as well. So, the spring glut is done, now what happens when the summer selling season begins? Better yet, with the spring inventory piling high, the summer inventory beginning to build, what would happen if the housing bust DOES actually begin to flow into the rest of the economy? Don't forget about when the first round of resets are to begin as well. Makes for a huge ka-boom come Sept and Oct. Watch for the market to dump then as well.
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Thank God we are getting some negative MOM numbers because they rarely publish YOY's which are absolutely horrifiying.