![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxgUO-idOktXVeLOvhUp-_WQXJfmBQ_EK-ucAKUtA3-w02zZ-nWVx13F1eQHAkzI8giv8hMyaPyxz2s2SMMEWqifo2jucw6R6YSCcCf2kz_YEFjxZ9qOAHmVoGaX7DVd9RQpPY/s280/muddy_waters.jpg)
It's important to recognize that currently the HMI index is showing a slight year-over-year gain but still remains very near the lowest levels seen in over 20 years, a testament to the significance of the latest pullback.
The new home market will likely not resume any significant form of healthy function until the considerable overhang of inventory is cleared.