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The Recovery “Staircase”
In economics, we learned to associate the movement of the economy with an inverted bell curve.  This curve started with profitability (ie. the 2005 housing market) and then sloped downward into a recession, bottoming out a depression, sloping back up into recovery…and so on.  This u-shaped recovery seems good enough in theory, however, the Great Recession has proven to be far less smooth.
One of the major components affecting recovery is the relation between negative equity and low inventory.   According to Realtor.com, the total amount of active inventory in the US (consisting of single family homes, condos, townhomes and co-ops) in May stood at 1.88 million units.  This is 20.07 percent less than a year ago and well below its peak of 3.10 units in September, 2007 (which is when Realtor.com first began tracking this data on the national level).  What little bit of inventory there is – especially of the distressed nature – is being snatched up almost as soon as it hits the market in Montgomery County, MD and around the nation. 
The benefit of this inventory drought is that it is driving up the prices of homes.  This is where the staircase theory comes into play.  Stan Humphries, ... more

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