Why the Housing Market is Three Times Worse Than You Think

Between the recent report that sales of new homes hit a record low in February and this week's news that 19 of the 20 largest metro areas tracked by the Standard & Poor's/Case-Shiller home price index saw a price slump in January, it hasn't exactly been a stellar few weeks for the housing market. And yet another data dump tracking foreclosed and distressed homes that have yet to hit the markets - what's known as "shadow inventory" - suggests things are not likely to get a whole lot better for a long time.