``How can it possibly be that the housing market is showing a durable recovery when it is still taking a median of eight months for the builders to find a buyer upon completion of the unit? Up until April 2008 -- in the midst of the Great Recession -- a number this high was unheard-of, having happened but once previously and that was the peak of the previous housing market meltdown in June 1991.  See chart below.'' -- We can see how this would hold pretty strongly for single-family; multi-family is probably different (the question is: why are new single-family homes even being built??)

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