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Daily Real Estate News  |  May 12, 2009  |   For-Sale Housing Inventory Getting Smaller
The supply of properties on the market at the end of April declined 3.6 percent from the previous month, according to an analysis compiled by ZipRealty Inc.

ZipRealty looked at information from multiple listing services in 29 major markets.

Typically, the housing inventory rises in April an average of 4.8 percent, according to Zelman & Associates research firm.

The unknown factor that keeps this from being unquestionably good news is the number of foreclosures held by banks that aren’t listing them. For instance, Fannie Mae and Freddie Mac list only about 35 percent to 50 percent of the homes they hold.

Noted housing economist Thomas Lawler discounts the foreclosure concerns, saying that the decline in listings means "the bottom in home prices is much closer than many pundits believe."

Source: The Wall Street Journal, James R. Hagerty (05/12/2009)

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