When will we see some decent inventory?

From the WSJ:

Housing Listings Multiply in June

Here comes the housing inventory.

The number of homes listed for sale increased by 4.3% in June to 1.9 million homes, the highest level in the last year, according to data released Monday by Realtor.com.

Housing inventory has steadily declined over most of the past two years. Listings typically climb heading into the spring and summer, when housing activity hits a seasonal peak. But inventories appear to be posting larger-than-usual gains in many markets right now as they rise from their lowest levels in at least a decade. Economists say rising home prices could convince more sellers to test the market if price increases keep up.

Nationally, the number of homes listed for sale stood 7.3% below their levels of one year earlier. The year-over-year decline stood at 18.6% in February, by contrast.

Among the nation’s 30 largest markets, listings were above the levels of a year earlier in four places. All four of those markets had seen big inventory declines over the past two years. Housing inventory was up by 11% in Sacramento, Calif.; by 10.9% in Atlanta; by 6.2% in Phoenix; and by 2.2% in Miami.

Another five cities posted declines of less than the national average decline of 7.3%: Los Angeles, Philadelphia, Baltimore, Chicago, and Charlotte, N.C.

By contrast, inventories were far below last year’s level in Boston (-35.1%), Denver (-30.1%), Detroit (-25.7%), Seattle (-23.2%), and San Francisco (-21.7%).

For the last two years, real-estate agents in a growing number of markets have complained that the low supply of homes for sale has limited the number of transactions—even though the supply constraints have propelled home prices higher.

The question now is whether higher inventory will lead to higher sales volumes, and whether it will also slow the pace of home-price gains. Another wild card: how homeowners respond to mortgage rates that have jumped by at least a percentage point over the last two months.

This entry was posted in Economics, Housing Recovery, National Real Estate. Bookmark the permalink.

78 Responses to When will we see some decent inventory?

  1. grim says:

    From the FT:

    US ‘jumbo’ loan rates as cheap as standard mortgages

    Borrowers in some parts of the US are able to get mortgages for expensive properties at rates that are lower than those on government-subsidised loans, as a result of changes in the mortgage market.

    The average rate on so-called “jumbo” loans has converged close to rates on standard mortgages and the difference between the two is back to levels not seen since before the credit crisis, when there was a vibrant secondary market for mortgages.

    The moves add a new dimension to the debate about the federal government’s role in the US housing market, which the Obama administration has pledged to shrink over time.

    The rate on the average new jumbo mortgage has been no more than 20 basis points higher than the rate on the average standard loan for the past six weeks, according to mortgage research company HSH Associates. This is the differential that was typical before the crisis, and the figure blew out to 1.8 per cent at its worst in 2008.

  2. anon (the good one) says:

    @BTraymartin9: Even though I am broken hearted my faith is unshattered I WILL ALWAYS LOVE MY BABY TRAY

  3. Comrade Nom Deplume, Halfwit dumbass says:

    [2] anon

    Well, if you and your ilk simply meted out some street justice, there’d be no need for a trial.

  4. grim says:

    Anyone else think it would be fun to argue against Myriad citing Prior Art as invented by God?

  5. anon (the good one) says:

    @billmaher: This is America waddya expect? The only thing u aren’t allowed to kill in an instant is a fetus. Hey Zim, find another hobby now that u won

  6. Comrade Nom Deplume, Halfwit dumbass says:

    [6] anon,

    You and Shrill Bill have a funny idea of what constitutes winning.

  7. Comrade Nom Deplume, Halfwit dumbass says:

    I’ll be impressed when the protestors decide to take their Sharpton show on the road in Clotville, Red State, USA. Pull up a chair, get your popcorn and fruity drink, and enjoy the show.

  8. chicagofinance says:

    Is this funny? I would assume Maher is pro-choice….this sounds pro-life….

    anon (the good one) says:
    July 15, 2013 at 7:33 am
    @billmaher: This is America waddya expect? The only thing u aren’t allowed to kill in an instant is a fetus. Hey Zim, find another hobby now that u won

  9. chicagofinance says:

    Also, Zimmer is a small minded little racist fcuk and a killer, but he is innocent of the charges. Don’t like the outcome, then change the law, BUT he is innocent under the law so STFU. Next……reason number #1,235,340 why Florida is a cesspool.

  10. chicagofinance says:

    The same people taking to the streets were doing cartwheels a generation ago for the OJ trial. The do not fit you must acquit….what is the fcuking difference?

  11. chicagofinance says:

    You saw this one? So stupid it is unbelievable……really funny because of the level of stupidity, not the slurs…..

    The End Is Nigh (Televison News Edition):
    It has three dead passengers to account for, the indelible image of a charred and broken jumbo jet and a flight crew under scrutiny — but Asiana Airlines says its “reputation” was damaged by a hoax news report.

    The South Korean airline yesterday said it was mulling legal recourse after a California news station was duped into reporting bogus and racist names for the four pilots of Flight 214, which crashed July 6 at San Francisco International Airport.

    Asiana rep Ki Won Suh said that KTVU’s report damaged the airline’s and its pilots’ reputations and that it was “considering legal action” against the Bay Area station and the National Transportation Safety Board.

    The false names “Wi Tu Lo,” “Sum Ting Wong” and others were read on air Friday by a KTVU anchor.

    KTVU said it had confirmed them with an NTSB “official” — who the NTSB later revealed was actually a summer intern.

    The NTSB and KTVU apologized.
    http://www.youtube.com/watch?v=mfhGwUlIttw

  12. Anon E. Moose says:

    Chi [10]:

    Zimmer is a small minded little racist fcuk

    He’s also a hispanic with white and black blood. Your theory is supported by a recent survey that found minorities to be more likely to hold racist beliefs than whites.

    What none of it supports is the white guilt trip that Al Sharpton and his rent-a-mob are trying to sell. Read Coulter (http://bit.ly/10UKoiL) —

    when a mostly black jury — 100-percent Democrat by the way — found a spectacularly guilty black celebrity not-guilty of murder, white America said, ‘That’s it. We are shutting down the white guilt bank.’ And we had peace for a decade. And you’ll notice we didn’t have cases like this for about 10 years after O.J.”

    Plus this tweet: “So, a hispanic kills a black guy and is acquitted by an all-female jury and it´s still all the white guys´ fault?”

  13. Fast Eddie says:

    Why does the “Occupy White House” ring leader need to pretend he’s a scholared orator every time he opens his trap? Half the country knows he’s full of sh1t so why doesn’t he stick to major issues concerning the country and avoid the tabloid nonsense?

  14. Anon E. Moose says:

    Con’t [13];

    Oh, and counterpoint on the Zimmer is a small minded little racist fcuk

    FBI records: agents found no evidence that Zimmerman was racist

    That’s hardly a puff piece (the FBI report or the article about it), with some pretty unflattering stuff about Zimmerman.

  15. JJ says:

    Sad part of young black men with chains, tats and hoodies even if they are honor students is most black women will cross the street as they are scared when they come up behind them. While a white kid same age dressed preppy clean cut they dont cross the street.

    Why statistically it makes sense. Just like 12 asian kids hope on 4 train from Bronx High School of science no one cares, 12 black kids with hoodies they care.

    Funny is it is not about race at all. It is about fact the popular style is dress like a gangster, hoodie, tats, chains, high tops and walk with swagger and a snarl like a rap video. If black kids dressed like that oriole on the fresh prince of belair there would be no problem.

    Jay Z has killed more black young man than a hundred zimmermans could ever kill.

  16. Anon E. Moose says:

    Eddie [14];

    Narcissism. He seriously believes that everyone is as enthralled as he his with the sound of his own voice and hearing his opinion about everything — no issue is too minute that it can’t benefit from his brilliance.

  17. Comrade Nom Deplume, Halfwit dumbass says:

    More on Zimmerman and, of all things, housing. After the first paragraph, I found it hard to read this without cracking up over the irony.

    http://www.cnn.com/2013/07/14/opinion/granderson-zimmerman-verdict/index.html?hpt=hp_t4

    I wonder if Granderson realized how he came across as a hypocrite. Hey, anon, word to the wise: don’t proofread as poorly as he did.

  18. Comrade Nom Deplume, Halfwit dumbass says:

    Or post as badly as I have this morning. Jeez, I know I’m tired but fcuk.

  19. Painhrtz - Disobey! says:

    JJ +99 problems and a b!tch ain’t one

    Listen kid escalated a bad situation in a concealed carry state and was treated in a way consistent with their laws. Zimmerman racist, non racist, wanne be cop, etc should have never been tried.

    Why don’t the Sharptons and Jacksons of the world worry about the celebrated thug culture of stupidity, generational welfare, and black on black crime. Oh thats right because then they would be seen for the charlatans they are. Morons are still fighting the civil rights war though the ship sailed many moons ago.

  20. JSMC says:

    Also consider, if you want justice against Zimmerman, it will occur via different outlets the media won’t likely follow as closely. There may be other charges besides murder (unlikely, but maybe). The Martin family will most likely sue him for negligence and win, robbing him of any real earnings throughout his lifetime, maybe for generations. Also, as others have pointed out, he will have to live the rest of his life looking over his shoulder b/c one crazy zealot (or a hooded gang of them) could chase him down to beat him within an inch of his life, if not go that extra inch.

    He will never be out of the woods so long as he breathes.

  21. grim says:

    Vigilante “justice” is clearly what is called for in this situation.

  22. Anon E. Moose says:

    JSMC [21];

    He will never be out of the woods so long as he breathes.

    You’re right, of course. GZ’s life was crippled as soon as he came into the crosshairs of the identity politics and racial grievance machine. There is the inevitable wrongful death lawsuit by the Martin family. Interestingly, I read that in PA there’s an immunity from civil suit if the shooting was found to be justifiable at the criminal trial. Sensible.

    No one remembers how the prosecution tried to trow the trial from the beginning — Attempting to poison the well of Zimmerman’s defense fund by accusing him of stealing from donations for personal expenses. The supposedly illicit purchase? A bullet proof vest for his wife. “Its better than a fur coat, honey…”

  23. Brian says:

    Martin is dead and Zimmerman’s life is ruined. There are no winners here…..

  24. JJ says:

    Most likely several winners, the folks Martin would have later shot or robbed
    Brian says:
    July 15, 2013 at 9:45 am

    Martin is dead and Zimmerman’s life is ruined. There are no winners here…..

  25. JJ says:

    I think Zimmerman should be the next Dog the Bounty Hunter or Cops guy. It be great, whatcha going to do when Zimmerman calls on your. Team him up with that lady who killed her own kid. I would love some good old fashioned street justices.

    Win win they kill crooks or get killed

  26. Dissident HEHEHE says:

    People come to that Martin/Zimmerman with all the baggage of their own personal experience. There was never any evidence the Zimmer dude was racist. There was plenty he was stupid and “wanted to be a hero”. This was an unwinnable case from the get go as there were no eyewitnesses to who started the fight and even the accounts of what was going on after the fight started are sketchy. The only case they possibly had was for manslaughter. Any bills for property damage or violence that comes from it should be sent to the cable tv networks for fomenting the entire thing into a circus and “making up facts” on both sides. I had some hillbilly point a gun at me back in high school and I just walked away. If the kid had just done the same or rang somebody’s doorbell none of this would have happened. Neither one of these guys wanted tos swallow some pride and back down.

  27. grim says:

    Jay Z? C’mon, that guy is a pussy.

    NWA, Biggie, 2pac, the Death Row crew, Sugg, Wu-Tang, Snoop, Ice-T even.

    Bedtime Story is still an all time favorite.

  28. grim says:

    Once upon a time, not long ago
    Where people wore pajamas and lived life slow
    Where laws were stern and justice stood
    And people were behavin’ like they ought to good
    There lived a little boy who was misled
    By another little boy and this is what he said
    Me and you Tike, we’re gonna make some cash
    Robbin’ old folks and makin’ the dash

    They did the job, money came with ease
    But one couldn’t stop, it’s like he had a disease
    He robbed another and another and a sister and a brother
    Tried to rob a man who was a D.T. undercover

    The cop grabbed his arm, he started actin’ erratic
    He said, “Keep still boy, no need for static”
    Punched him in his belly and gave him a slap
    But little did he know, the little boy was strapped

  29. JSMC says:

    #26

    I would watch, fresh batch of popcorn every episode.

    I think Zimmerman should be the next Dog the Bounty Hunter or Cops guy. It be great, whatcha going to do when Zimmerman calls on your. Team him up with that lady who killed her own kid. I would love some good old fashioned street justices.

    Win win they kill crooks or get killed

  30. Anon E. Moose says:

    Brian [31];

    I wonder if the civil trial judge will keep that evidence out, like the criminal judge did.

  31. All Hype says:

    anon (2):
    If the police and the local prosecuter would not move forward with charges it is a good chance that special prosecuters who bypass the grand jury process will not get a conviction. A charge of 2nd degree murder is totally outrageous in this instance. If Zimmerman would have been charged with 2nd degree manslaughter he would be on his way to prison for the next 5 years right now. Instead, the president, attorney general and the special prosecuter just played the race card (my son Travon) and tried to throw the book at Zimmerman instead of charging him with the appropriate crime.

  32. Anon E. Moose says:

    As if it wasn’t already clear that this is a politically-driven witch hunt with the Holder DOJ carrying torch and pitchfork — First they send agitators to foment demonstrations in the streets; second, if they want something done ‘right’… well, you know the rest.

    Holder Revives Bogus Civil-Rights Investigation Against Zimmerman

  33. zieba says:

    I was stopped by Fort Lee police the other day for expired vehicle registration. Apparently when I opted to extend my lease by a few months, I forgot to update the registration. I was presented with a ticket and my car was towed on the spot.

    When I got home and reviewed the ticket I noticed my height noted as “Height: 6’0” and my weight as “Weight: OVER”.

    Over what? Overweight? This just strikes me as not particularly PC, and I can’t imagine this being protocol. I’m told that I should be outraged. Has anyone come across something like this?

    (I’m six feet @ 200lbs, btw).

  34. Dissident HEHEHE says:

    They have less of a chance on the civil rights charges than they did on the manslaughter.

    Holder won’t lift a finger to go after Wall Street execs but he’ll crush this mope for political expediency to try and avoid riots that the administration and news media fomented from the beginning of this case.

  35. JJ says:

    Zieba were you pulled over on Lemoine or Palisade Ave in Fort Lee?

    Five Guys Burgers & Fries
    2151 Lemoine Ave, Fort Lee, NJ 07024

    Burger King
    811 Palisade Ave, Fort Lee, NJ 07024

  36. Juice Box says:

    Holder has a speaking engagement in Florida tomorrow at the NAACP convention. If he is going to make headlines it will be then.

  37. FKA 2010 Buyer says:

    A Florida woman who fired warning shots against her allegedly abusive husband has been sentenced to 20 years in prison

    http://www.cbsnews.com/8301-201_162-57433184/fla-mom-gets-20-years-for-firing-warning-shots/

  38. joyce says:

    (36)

    Expired registration leads to car being towed?

  39. JJ says:

    Now that Chris Christie and Rex Ryan are skinny Fatties get towed in NJ

    joyce says:
    July 15, 2013 at 12:01 pm

    (36)

    Expired registration leads to car being towed?

  40. zieba says:

    Joyce,
    Apparently it does. They drove by me with one of those cameras on their cruiser which instantly runs plates. They drove by, then slowed down (as the computer got a hit) and then made the same turn I did. I was literally left curbside with my briefcase in hand. $185 tow to Palisades park for the coupe and a cab home to Edgewater. They wouldn’t even let me drive half a block and leave it in a police station parking lot.

    I’m really more intrigued by the OVER weight field then genuinely insulted. Though a part of me doesn’t want to take the second broomstick up my rectum, if this was the intent.

  41. Painhrtz - Disobey! says:

    joyce yep happened to me 3 years ago, forgot to register car amid all the chaos of the home purchase. Got yanked over 2 blocks from my house on my way to play hockey. Would not let me drive it home then go to DMV to renew. 160 bucks later that day was back in my car. Lucky it was a saturday and DMV was still open.

  42. JJ says:

    And to think 25 years ago I could get pulled over drunk as a skunk and get a warning.

    I was actually highly insulted once when an officer accused me of weaving on the way home from nickle beer night. Sure I had 400 ounces of beer. But I pointed out to him it was dark the road was windy and I had radio on and the road was pretty empty. That is why I was weaving, somehow the officer implied it was due to the beer. I did feel highly insulted but did let it go. He could have went all zimmerman on me

  43. joyce says:

    I assume not having your papers will NOT result in a towing because they will just look it up on their computers and see you are not expired. Of course, you will be still given a fine.

    So with all the technology now, why do we still need to carry around all this documentation?

  44. Libtard in the City says:

    Watch it Joyce. Sounds like you are trying to remove some government jobs.

  45. Brian says:

    Insurance company might require you to be driving a registered vehicle and getting in an accident in an unregistered vehicle might result in a denial of coverage. Would the officer be liable in this case if he let Zieba go with a warning?

    41.joyce says:
    July 15, 2013 at 12:01 pm
    (36)

    Expired registration leads to car being towed?

  46. Anon E. Moose says:

    Brian [48];

    Yeah, it can’t just be about the money. There has to be a safety angle. Steering and brakes stop working it the sticker isn’t on the window.

  47. JJ says:

    Also it could be an issue if car was leaning towards the left due to unbalanced weight

    Brian says:
    July 15, 2013 at 12:47 pm

    Insurance company might require you to be driving a registered vehicle and getting in an accident in an unregistered vehicle might result in a denial of coverage. Would the officer be liable in this case if he let Zieba go with a warning?

  48. joyce says:

    Find me an example of an officer being liable for something serious before you try to infer they may be liable for the b.s. example you gave. Qualified Immunity is a b*tch… almost as good as absolute/sovereign immunity.

    Brian says:
    July 15, 2013 at 12:47 pm
    Insurance company might require you to be driving a registered vehicle and getting in an accident in an unregistered vehicle might result in a denial of coverage. Would the officer be liable in this case if he let Zieba go with a warning?

  49. joyce says:

    (49)
    Moose,

    Good one, LOL.

    (50)
    JJ,
    Good job, please keep beating the non-funny drum you got there.

  50. zieba says:

    It seems that we were not able to determine whether marking someones weight as “OVER” on a traffic ticket was norm in the state of NJ. I have a lot of things going on this week both at work and home, so I’m inclined to just pay the fifty-four dollar no point ticket. Joyce, feel like writing a scalding letter?

    I am going to mull this over on my evening bike ride.

  51. Whatever the worst possible outcome is, is the likely outcome.

  52. Libtard in the City says:

    “I am going to mull this over on my evening bike ride.”

    Is your bicycle registered?

  53. JJ says:

    Does New York City’s new bike-sharing program discriminate against overweight people? Its rental contract suggests so.

    “You must not exceed the maximum weight limit for the Citi Bike bicycle (260 pounds),” states the Citi Bike agreement under “Prohibited Acts.”

    Bike shop owners told the New York Post that the weight limit was unnecessary for the sturdy bikes used. One student railed at the city for backpedaling on a move that could help ease an obesity epidemic.

    “If you’re 260 pounds or 300 pounds and want to ride a bike, you should be allowed to,” Jhoskaira Ferman told the tabloid. “You’re making a choice to live healthier and to lose weight.”

  54. chicagofinance says:

    co-worker of mine got towed from Newark Airport standing zone….was kicked out of his car….

    joyce says:
    July 15, 2013 at 12:01 pm
    (36) Expired registration leads to car being towed?

  55. chicagofinance says:

    http://www.youtube.com/watch?v=kwC_IaY3BmY

    joyce says:

    July 15, 2013 at 12:58 pm

    Find me an example of an officer being liable for something serious before you try to infer they may be liable for the b.s. example you gave. Qualified Immunity is a b*tch… almost as good as absolute/sovereign immunity.

    Brian says:
    July 15, 2013 at 12:47 pm
    Insurance company might require you to be driving a registered vehicle and getting in an accident in an unregistered vehicle might result in a denial of coverage. Would the officer be liable in this case if he let Zieba go with a warning?

  56. Libtard in the City says:

    “co-worker of mine got towed from Newark Airport standing zone….was kicked out of his car….”

    Gotta keep circling, this way you can’t terrorize the terminals or pay the $8 per hour short-term parking fee which pays for the Port Authority cop who is making you circle.

  57. zieba says:

    There is strength in numbers.

    I did an EWR pickup @ United terminal this past weekend. One lane of the two lane approach road to the arrivals curb (after the split off in the road for the departures at upper level) was turned into an idling lane. At first I didn’t know why nobody was moving so I honked, but then I realized I’m standing in a free queue line (some twenty cars long). One by one, cars pulled out of the line and drove up to the curb for pickup. Police drove by twice, but didn’t harass us. It was the strangest thing.

  58. Painhrtz - Disobey! says:

    you people pick passengers up at arrivals? Departures is much easier there is no law that says you can’t pick them up upstairs.

  59. Statler Waldorf says:

    Claims this Hispanic man is “racist” are utterly ridiculous.

    http://articles.chicagotribune.com/2012-07-12/news/sns-rt-us-usa-florida-shootingbre86b1ad-20120712_1_trayvon-martin-george-zimmerman-zimmerman-claims

    Additionally, in 2011 Zimmerman actively supported Sherman Ware, a black homeless man who was beaten by the son of a white police lieutenant. Hard evidence exists of this (e-mails sent to the Sanford Police Chief, in addition to recordings of Zimmerman defending Ware at town meetings).

    The sad reality is Zimmerman has been smeared and found guilty by the media (and others) facts and evidence be damned.

    —————————–
    “Zimmer is a small minded little racist fcuk and a killer, but he is innocent of the charges”

  60. Lauren says:

    Does anyone have a recommendation for a good home inspector in Monmouth County? I tried the ‘Uber Inspector’ but his schedule is full. Thanks in advance for any advice.

  61. joyce says:

    58
    chicago,

    Classic scene.

  62. Comrade Nom Deplume, Halfwit dumbass says:

    [22] grim,

    You mean a lynch mob? How ironic.

  63. Comrade Nom Deplume, Halfwit dumbass says:

    [51] Joyce

    Irwin v. Town of Ware, 392 Mass 745 (1984).

  64. Piers Morgan has just begun the purely emotional version of the Trayvon trial. Tune in to CNN if you want to see pandering and race-baiting at its finest.

  65. Methinks Trayvon would call someone other than an illiterate, barely-verbal 250 lb blimp if he thought his life were really in danger.

    Piers and Anderson Cooper now going through the outrage of a defense attorney simply doing his job by tearing apart this poor and barely-credible witness. The fact that the jurors found her to be a poor witness evidently means nothing in the world of talk show retrials.

  66. Full disclosure: I’m no Zimmerman fan; I just think he’s not guilty per the charges against.

    We do have a problem when armed neighborhood watchmen take out kids (even high and kinda threatening ones) walking home.

  67. I wonder how much Adder@ll they gave Jeantel to get her eyes open even 3/4 of the way.

  68. Piers back soon with a defense attorney’s kid tweeting and posting selfies eating ice cream after the verdict.

    Riveting.

  69. Piers Morgan is the singular reason I will always despise the Gooners and Arse Wanker. Typical Londoner dipstick.

  70. All Hype says:

    Doom (70):

    “Full disclosure: I’m no Zimmerman fan; I just think he’s not guilty per the charges against.”

    That my friend is the truth. That’s what these white, guilt ridden, scared liberal douche bags still cannot understand. In their smugness and arrogance they pushed and pushed to get Zimmerman thrown under bus with a murder 2 charge to give the appearance that they are doing the right thing. They then go on the all the talk shows and pat themselves on the back thinking in their smugness that a guilty verdict is in the bag. All these idiot liberal humps needed to do was just charge Zimmerman with a crime that he could be convicted of and he would be on his way to prison right now. Now that Zimmerman is free these idiots are now playing the race card cause 6 jurors looked at the facts of the case and found a guy innocent of a crime that they had no business filing and bringing to trial.

  71. Fabius Maximus says:

    #56 JJ

    My wife made a great observation on the CitiBike scheme as we drove through Chinatown. “They rent you a bike, but no helmet; that will end well.”
    Looking into it, Citibike will give you a $10 voucher to buy a helmet, or points you to a NYC DOT free helmet give away via 311.

  72. Fabius Maximus says:

    #61 pain
    Arrivals is generally quieter and you don’t get caught with the foot traffic pushing carts to the car park or Taxi Rank.

  73. Fabius Maximus says:

    #58 Chi

    I prefer the line later on, “He was dekafinated” Just like OJ, the civil trial will turn up the correct result.

  74. chicagofinance says:

    Bottom line in our court system…it errs on the side of letting a guilty man go free versus the tradegy of incarcerating an innocent…..that is just the structure of things…..

  75. chicagofinance says:

    tragedy

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