 The for-sale housing inventory is up an average of 12% in major metropolitan areas since last year, according to data from ZipRealty. The data shows a listing of twenty-nine metro areas for the month of March. According to the data, housing inventory is up 2.5% from the last month. Included in the data are single-family homes, condos, and town houses compiled from multiple realtors' listings in those metro areas. Although inventory has increased substantially over the past few months, April is expected to unload more properties due to the spring home-shopping season. Many realtors, homeowners, and investors are banking on the spring seasonal fluctuation to lift the troubled market off the ground. The news is good for those in the market to purchase a home. As inventories increase and home prices decline, homebuyers can expect to see more affordable housing prices in the future. Home prices have inflated unnaturally over the past three years due to the housing boom that caused a bubble in the real estate market. Now that the bubble has popped, home prices will decline to naturally correct to equilibrium prices. However, don't expect to see the full scale of price declines until at least 2009, when many economists predict home prices will bottom out. (written by: K. Skowronski) Article Sources Housing Inventory on the Rise, Up 12% From Last Year, The Wall Street Journal
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