Jonathan Miller doubts the conventional wisdom that the decline in housing inventory (I, II)...

|By:, SA News Editor

Jonathan Miller doubts the conventional wisdom that the decline in housing inventory (I, II) means prices will stabilize or even grow. He finds three reasons to explain the drop that hardly paint a picture of housing strength: foreclosure volume was artificially delayed, seller confidence has waned, and low rates extended by the Fed for the next two years have removed any sense of urgency.