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Real Estate Recovery

This graphic comes from Paul Kedrosky's Infectious Greed blog (here), with a hat tip the Barry Ritholtz's The Big Picture (here).

Paul attributes the source of the graphic to Moody's.  The caption CSITM, I believe, refers to Structured Credit Investor (here), a subscription based analysis and data service for structured debt and ABS markets.

Anyway, an interesting picture even though I am not sure exactly what is behind it.