Housing inventory drops, contrary to seasonal trends

Housing inventory fell by 2.8 percent in the 27 major metropolitan areas between September and October, according to ZipRealty, a real estate tracking firm. This data is atypical for the season, according to another firm, Zelman & Associates, which told the Wall Street Journal that housing inventory generally goes up in October. Some analysts are attributing this trend to the first-time homebuyer tax credit.