Morning Minute: Housing inventory continues to decline

The inventory of U.S. homes for sale continued to fall in June, declining 19 percent from a year earlier, according to a Realtor.com housing survey. Inventory dropped in all but three of the 146 markets covered by Realtor.com. The trend also held true in Chicago, which saw a 19.6 percent decline. From the Realtor.com release:

“Low inventories, combined with steadily rising list prices are positive signs that the overall market is gaining traction and is entering a recovery mode.”

In other news:

Housing starts up 6.9 percent in June, highest rate in four years. (USA Today)

To aid economy, Bernanke urges Congressional action on budget impasse. (BusinessWeek)

 

 

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