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Another uneasy post about the housing market

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There's a lot to digest in this post at Alex J. Stenback's Behind the Mortgage blog. It breaks down the Pi Press' most recent housing statistics story, for one thing, and links to other relevant sources.

But what I'm most interested in are the bullet points and the conclusions that stem from them.

* Compared to last February, median housing prices this past month plummeted 12.5 percent. That's the biggest rate of equity hemorrhage to date;

* Each of the past three months, the rate has increased. It was 9 percent in January and 6 percent in December, indicating that downturn is picking up steam, not slowing down;

* The supply continues to swell relative to demand. Currently, there are 8.72 homes available for each buyer expected.

The post is worth reading in its entirety. The conclusion: market problems won't be solved until this supply imbalance is corrected, and we're not close to having that happen yet.