Housing Inventories Way Down...
According to today’s Wall Street Journal, housing inventory, over the last quarter, is down 24.1% in San Diego County (6.1-month supply); down 25.5% in Los Angeles (7.8 months); and down 28.1 in Orange County (5.1 month). A six-month supply is generally considered a healthy market. Here are excerpts from the article by the WSJ’s James R. Hagerty:
…The Wall Street Journal's quarterly survey of 28 major metro areas shows that there is still a glut of homes available in most markets. But the glut has shrunk, and some areas are running into shortages of moderately priced homes in middle-class neighborhoods.
Many housing economists expect the market to bottom out gradually over the next couple of years, with some parts of the country stabilizing well before others. California and Washington, D.C., for instance, are likely to recover faster than South Florida, which has an immense glut of vacant condominiums, and the New York City area, which has been hurt by Wall Street's collapse, says Kenneth Rosen, chairman of the Fisher Center for Real Estate at the University of California, Berkeley…
… Among the markets Mr. Burns [John Burns, a real estate consultant in Irvine, CA] expects to recover earliest are the metro areas of Washington, D.C.; San Antonio; Raleigh, N.C.; Denver; Sacramento; and San Diego.
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