Christian Science Monitor (04/23/08) P. 3; Scherer, Ron
The National Association of Realtors reports a drop in estimated housing inventory to 4.058 million existing homes in March from 4.16 million in January. NAR chief economist Lawrence Yun says the decline indicates that many sellers simply took their homes off the market, creating what experts call a "shadow inventory." Given that falling home prices and other signs of economic weakness have hurt buyer confidence, it could take quite some time before the housing market recovers. According to some economists, sellers who understand that residential prices will not return to levels seen during the housing boom and set more realistic asking prices will help reduce shadow inventory. However, some sellers already have lowered their asking prices and still failed to attract buyers.
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