When one also considers the shadow inventory of houses, which some estimate at 2.5 million, one's head starts spinning. Lastly, as the foreclosure moratorium tapers off any day now, the glut will become a massive tidal wave of oversupply.
But in the meantime Lowe's beats on some metric or another, just in time for the biggest maker of the key component of house paint to be on the verge of liquidation. But who really gives a damn about supply/demand when all everyone (or at least the Hank Paulson's Chief of Staff) cares about these days are the Dow Jones futures. When you fire enough people, and bleed your business to death (COGS =0) eventually revenue will become earnings. And the market will cheer it all the way.
The entire presentation from Freddie Mac is reproduced below (hat tip Richard).
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