South Florida resale inventory down nearly 60 percent since 2008

Residential resale inventory in South Florida is down 58 percent since
Thanksgiving in 2008, according to a report from Condo Vultures. There
were almost 108,000 properties on the market in South Florida in
November 2008, but that number has been reduced to less than 45,000 as
of this week, according to analysis by Condo Vultures’ CVR Realty
brokerage. The number of residential properties under contract in the
region has jumped to 22,000, despite a gloomy economic picture
nationwide. That has come for a number of reasons, including the
presence of international buyers and a foreclosure freeze that saw
lenders hold back bank-owned properties from the market. — Alexander Britell