Tight Home Inventory Triggers Competition Sales: Demand for Houses to Buy Is High, but Owners Are Balking at Placing Property On Market.

Los Angeles Daily News › February 02, 2010

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Summary

Buyers hoping to bag a low-priced home in the San Fernando Valley must now stand in line and pay more, a Realtors group said Wednesday.

Real estate speculators have heightened competition for homes less than $500,000, thinning the inventory of available homes and triggering a stampede of offers from traditional homebuyers.

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Extract

Tight Home Inventory Triggers Competition Sales: Demand for Houses to Buy Is High, but Owners Are Balking at Placing Property On Market.

As a result, the number of properties listed in the San Fernando Valley plunged 51.7 percent last month from a year earlier, to 2,858...

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