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Bloomberg reports:

Sales of previously owned homes in the U.S. fell in April and the supply of unsold properties reached a record, signaling no let-up in the 27-month housing slump…

The number of previously owned unsold homes on the market at the end of April jumped to 4.55 million from 4.12 million in March. The total represented 11.2 months’ supply at the current sales pace, the highest on record and up from 10 months at the end of the prior month.

Here’s a koan for the real estate industry: “what is the value of something for which there are no buyers?”

U.S. Home Resales Drop, Inventories Rise to Record as Housing Woes Persist
Shobhana Chandra

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