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The absorption rate (number of months to sell existing housing inventory) tells us something about supply and demand. Studies have shown that a "normal" balanced market should have an absorption rate of about 6 or 7 months. So where are we now? Based on statistics from our local MLS which includes 24 towns along the Connecticut shoreline, our absorption rate (residential, single family homes, all price ranges) is a whopping 18 thus far in 2009. Compare that to the last 4 years, and you can see the problem. 
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