Yun: unsold homes ?uncomfortably high?

Does Lawrence Yun, the NAR chief economist, have a clue? He might just yet. Yun called the new report on the glut of unsold homes ‘uncomfortably high' in a resignation that the housing market just isn't in very good shape no matter which way you cut it. His comment was in response to the finding that unsold home inventory has risen to a 23-year high even as home prices have declined across the country. The inventory now represents nearly a year's worth of single-family homes on the market. More on the unsold home inventory on the market: The inventory of unsold homes jumped 10.5% to 4.55 million, an "uncomfortably high" level, said Lawrence Yun, chief economist for the real estate trade group. Inventories represented an 11.2 month supply at the April sales pace, the highest