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On Monday, I wrote about the record vacancies currently plaguing the housing market. Today the New York Times gives us this lovely graphic:

From the chart, it’s plain to see that the country has never before witnessed this kind of oversupply – not even close. And to think that it will soon work itself out is precisely the same type of bubble-logic that got us into this situation.

It’s Newer Homes That Stand Empty as Vacancies Rise
Floyd Norris
The New York Times