National existing housing inventory plummets

The national existing home inventory has dropped significantly from just 12 months ago, returning to the level seen in mid-2005 before the slump, according to a chart by economics blog Calculated Risk featured by Slate. The drop may signify a return to long-term average levels of residential investment and construction employment, Slate said, which would be encouraging given the historically low levels of both investment and employment during both 2010 and 2011. [Slate]