The number of homes listed for sale declined sharply in a number of cities during the second quarter. Rather than increased demand, analysts believe the drop reflects the slow pace at which banks are processing foreclosures. Another factor behind the falling inventory levels is shifting behavior on the part of sellers, who in recent months have started to yank homes off the market because they couldn’t get a high enough offer. Despite lower inventory elsewhere, the number of homes for sale in New York and New Jersey suburbs have actually increased from a year earlier.
Drop in Houses for Sale May Reflect Foreclosure Logjam Rather Than More Demand
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