Key housing index getting better, not worse.

Deep in the recently released monthly report by the California Association of Realtors, rests the following nugget:

"C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in December 2008 was 5.6 months, compared with 13.4 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate."

Full report here: http://www.car.org/newsstand/newsreleases/dec08salesandprice/