Housing Glut Seems to Be Escalating
In Los Angeles, inventory has more than tripled since July, 2005, as it has in Miami since October 2005. In Phoenix, there were 50,062 homes for sale during April, compared with 11,656 in July, 2005 for more than a three-fold jump... The once remarkably hot Las Vegas metro market, for example, now has more than double the number of homes on the market - 26,243 compared with 13,238 - than it did in September, 2005, when the local housing market was near its peak.
Thanks to Ashwani Vasishth