A little perspective on the housing market

In this Chart of the Day from the folks at ClusterStock, some badly needed context is added to this week's reports of "soaring" new home sales, reports that have caused market participants to become even giddier than usual in recent days.
Interestingly, if you go back a couple years to the height of the housing boom, you'll find that these two sets of numbers are about reversed - around 100,000 new home sales per month and just a fraction of that number in foreclosure actions.

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