From the comments at Cone's blog comes today's version of "Quote of the Day":
Existing homes for sale have dipped from about 7 mil to a bit less than 6 mil. That still represents a 9-10 month suuply, where it used to be a 3-4 month supply. What is NOT factored in are foreclosures, defaults, households in the rears, and homes that have just given up and been taken off the market. That could be another 6-8 mill units. (Bold emphasis mine).
I knew the market was bad, butt I had no idea how bad. This quote also has me picturing houses with arms held up in surrender.