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But, in a more positive sign, housing inventory also fell.
More worrying still, the previous spike in sales coincided with a decline in housing inventory.
Housing inventory is limited; it would be hard to find a place considered upscale.
Corporate housing inventory can fluctuate sharply because the companies often do not own the apartments they rent to business travelers.
Foreclosures and excess housing inventory constrained residential investment, and high unemployment, falling wages and deleveraging constrained household consumption.
America's overhang of housing inventory may get worse if concerns over lenders' foreclosure processes jam up sales.
Over all, the housing inventory in each quarter of 2002 was higher than that of the corresponding quarter in 2001.
In the board's year-end residential market report, housing inventory across all categories shrank to 3,141 units overall.
The housing inventory was sparse at the time, so they built a house, staying in an apartment in the meantime.
There isn't a vast stock right now; apart from plentiful student and public housing, inventory is negligible.
The implication is that once people start getting jobs again, doubled-up families will peel off and quickly sop up a lot of that excess housing inventory.
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