Inventories have been whittled down largely because new construction ground to a standstill for several years. Investors large and small have also scooped up most of the backlog of foreclosures and short sales;
Surprise demand for housing catches industry off guard
Real estate » Low inventory of homes creating problems for buyers, sellers.
By CATHERINE RAMPELL
| The New York Times
First Published Mar 23 2013 01:01 am • Last Updated Mar 23 2013 01:01 am
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The already tight supply of homes, combined with rising sales, has pushed listings to a 15-year low along the Wasatch Front. “It’s not allowing us to build back up supply. I don’t know if a lot of sellers out there know [the housing market] has come back,” Salt Lake City agent Dave Frederickson said.
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