More Housing

Here's what we're up against in the housing slowdown (click to enlarge):


As you can easily see, unsold inventories are skyrocketing by historical standards. For comparison, note that that last housing "bust" was in 1990. It took three years to work off the excess inventory that time.

Housing starts are beginning to slow, but it's going to take some time to get rid of that excess housing. Given that interest rates are relatively higher and lending standards are (finally) getting more stringent, it may be awhile. Quite awhile.