Housing inventory could finally improve

October 28, 2008 10:15AM

Nationwide, housing inventory is declining, according to A Quarterly Wall Street Journal survey of 28 major metro areas. Many buyers come in the form of investors seeking low prices, turning homes into rental properties. The sale of previously occupied homes rose by 1.4 percent in September, compared to the prior year, according to a report from the National Association of Realtors. This represents the first such increase since November 2005, and is largely the result of foreclosed homes hitting the market. Experts warn that pending foreclosures, along with homes taken off the market temporarily as sellers wait for the situation to improve, could mean a substantial increase in inventory in the next year or two.

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