Inventory of For Sale Homes Falls

RealtorMag reports the inventory of homes for sale fell to its lowest level in four years in October, according to data from Multiple Listing Service (MLS). Zelman and Associates says many sellers are taking their homes off the market because they are receiving low-ball bids, and banks are in no hurry to process additional foreclosures. The inventory of homes on the market fell 3.5 percent from September 2011 to 2.12 million homes. That number declined by 21 percent from October of last year. Portland, Oregon, saw the inventory of homes for sale fall by 6.9 percent. In Seattle it dropped 5.3 percent and in Dallas by 5.2 percent.

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