Severe shortage of new homes is providing the foundation for a resurgence in both sales and prices.In 65% of the United Estates territory a late July survey conducted by Metrostudy, showed just 29,400 new homes that are vacant or for sale. That number is less than 30% of the 100,000 considered “normal inventory”, so recovery is happening, despite relatively weak demand.The foreclosures avalanche that was supposed to keep prices falling dissipated in the hand of investors buying distressed properties and leasing then for big returns.
The housing comeback continues.
Source: Fortune October 29, 2012
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