Bargain Hunters Shrink (Sacramento) Housing Inventory

This is Great news for our local Market!

I just wanted to share this with everyone in our region!

Daily Real Estate News | October 28, 2008 |

Bargain Hunters Shrink Housing Inventory

Bargain hunters and home owners who pulled their properties off the market hoping for better days down the road helped shrink the inventory of available homes in September, according to a Wall Street Journal survey.

The largest year-over-year declines in inventory were 32.1 percent in Sacramento, 27.1 percent in Orange County, Calif., 21.6 percent in Los Angeles, 21.5 percent in Boston, 21.1 percent in Denver, and 20.6 percent in San Diego.

Demand for housing has slowed even as the population has increased, according to Census Bureau figures. Mortgage Bankers Association chief economist Jay Brinkmann blames lack of jobs, noting that young people don't go out on their own nearly as frequently during tough times.

Source: The Wall Street Journal, James R. Hagerty (10/28/08)