Summary Box: Supply of homes shrink as prices fall

AP News
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Posted: Apr 26, 2011 4:14 PM
Summary Box: Supply of homes shrink as prices fall

SUPPLY SHRINKING: Declining home prices have helped reduce the glut of foreclosures in the nation's hardest hit housing markets. The combined supply of homes in Miami, Tampa, Las Vegas, Phoenix and Detroit has shrunk by 13 percent over the past year. Economists say that's key first step for any housing recovery.

PRICES FALLING: Home prices in each of those battered metro markets are at or below 2002 levels, according to the Standard & Poor's/Case-Shiller home price index released Tuesday.

FORECLOSURES A WORRY: Few economists see home prices rebounding this year. Most caution that a second wave of foreclosures could throw the housing market back into turmoil.