Bursting the Housing Bubble, Part 43

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The stats:

Part 1:

• The supply of houses for sale (in terms of months of supply) is at a 10 year high.
• The number of houses under construction is at an all-time high (or at least for the 40 years that this stat has been kept).
• The 3-month moving average of houses sold has declined for year, and the decline is accelerating.

Part 2:

• Meanwhile, condo sales (a leading indicator) dropped 10.6% from December.

Conclusion? Mean reversion is a bitch. And soon the blood will flow.