Second Phase Housing Crash Hidden From Public

"A hidden catastrophe is unfolding in the US housing market. Mainstream media outlets are not telling the story because they are focused on misleading data like the just released Case Shiller Index which showed only a small decline in September. In reality, real time market data indicates that the housing market is undergoing a renewed crash, bringing activity and sales prices to their lowest levels yet. Inventory to sales ratios are exploding, with the supply demand imbalance likely to lead to even steeper price declines in the months ahead. That will in turn lead to yet another wave of mortgage defaults and foreclosures, which will dramatically increase the stress on the financial system. This will lead to another systemic shock similar to that which occurred in 2008. The Fed will be under pressure to extend QE2 indefinitely, with undoubtedly horrific unintended consequences."