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Six reasons housing inventory keeps declining


By tovarichpeter   Follow   Tue, 22 Jan 2013, 1:36am PST   228 views   1 comment
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http://blogs.wsj.com/developments/2013/01/22/six-reasons-housing-inventory-keeps-declining/

Home sales in December dropped by 1% from November, the National Association of Realtors reported on Tuesday, but still stood nearly 13% above the levels of one year ago. That means home sales have risen from the year-ago month for 18 straight months. For 2012 as a whole, sales were up 9% to 4.65 million units, the highest annual total since 2007. Prices, meanwhile, are picking up because the number of homes for sale continues to drop despite the sales volume gains. The number of homes for sale fell to 1.82 million at the end of 2012, an 8.5% drop...

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Call it Crazy   Tue, 22 Jan 2013, 2:10am PST   Share   Quote   Permalink   Like   Dislike     Comment 1

From the article:

Here’s a breakdown of why inventory has continued to drop this year:

1) Many homeowners are underwater:

2) Others don’t have enough equity to “trade up”:

3) Everyone wants to buy at the bottom, but few want to sell:

4) More purchases from investors of all stripes:

5) Banks have been slower at foreclosing:

6) Builders have been putting up fewer homes:

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