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. I received the below summary of the most recent NAR housing inventory analysis and thought I’d share it with you.

After four consecutive months of gains across the country, existing home sales are losing some momentum. Existing home sales slipped in August as investors paying in cash retreated from the market, according to the National Association of Realtors (NAR).
NAR reported that U.S. existing home sales decreased 1.8% to an annualized rate of 5.05 million units in August, compared with 5.14 million in July. Still, sales are at their second-highest pace of 2014, though 5.3% lower than the tally for August 2013. NAR posited that part of the reason for the decline was flagging interest from all-cash investors (accounting for 23% of transactions in August), marking the second consecutive month of decline in a row and representing the lowest overall share since the 22% recorded in December 2009. Individual investors, who account for many cash sales, purchased 12% of homes in August, down from 16% last month and 17% in August 2013. Total housing inventory at the end of August declined 1.7% to 2.3 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace. Unsold inventory is 4.5% higher than a year ago, when there were 2.2 million existing homes available for sale, NAR noted.
Given the above report why does Fannie have inventory in first look priced at 15% above current value BPO? Only 3% of sales of REO are made to non-profits. Your policies have squeezed us out of the affordable housing market. Our organization was the 9th largest regional buyer of fannie mae inventory in 2012 and 13 and we have bought 6 properties this year. We have primarily used market capital as opposed to NSP funds and have watched bubbles occur in several major markets as a result of the lack of protection for non-profits and citizens alike. We cant just build LIHTC . We are loosing the war on housing with policies like the ones in force . www.buildersofhope.org