by Calculated Risk on 5/09/2007 12:58:00 AM

"Our contacts have officially declared the spring selling season a bust."
Ivy Zelman, Credit Suisse, May 8, 2007

From the WSJ: Supply of Homes Continues to Grow

The supply of houses and condominiums available for sale continues to grow quickly in much of the U.S., reflecting weak sales.

Zelman also noted:

Many people who had expected a recovery by year end "now believe the market rebound will be pushed out until 2008 at the earliest."

At the earliest.