The Joint Center for Housing Studies at Harvard released its annual State of the Nation’s Housing report, which found that the housing boom of a few years ago resulted in oversupply that builders did not work speedily enough to stem. “Except in the few areas facing real economic distress, this housing downturn has been driven largely by the market’s own excesses. Chief among these is the oversupply of homes triggered by inflated demand from investors, second-home buyers and others intent on getting in on rapidly appreciating prices,” said the report. The report also found that the national market could get worse before it gets better. more [Inman]