Last night it was reported inventories of homes for sale in the US hit a record 4.43 million, a rise of 5% for May. This now represents a 8.9 month supply. This is the biggest number of houses for sale since June 1992, the end of the last housing bust.
Meanwhile the National Association of Realtors has reported sales of existing homes has last month fallen 0.3% to an seasonally adjusted annual rate of 5.99 million.
» Inventory of homes for sale hits 15-year high – Market Watch, 25th June 2007.