There’s a lot of new real estate data to report on since my last update, all of it bad, not in terms of the quality of the data, some of which is lousy, but in terms of the direction that the numbers are headed. Mortgage applications show that current demand is still in the toilet. Real time inventory data as of right now shows inventory again on the rise. Extrapolating the NAR’s latest reported data on contracts for January based on current mortgage applications suggests that the inventory to sales ratio is going the wrong way and is likely to set a February record.
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