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Lower Hudson Valley housing: Buyers are ready, but where are all the homes?

… The low inventory is fueled by tight credit that could cause housing prices to rise, said Jonathan Miller of the real estate appraiser and consultant firm Miller Samuel. Miller writes industry reports for Douglas Elliman.

“Housing is local, but credit is national,” he said, explaining that with fewer houses coming on the market, any excess inventory gets absorbed.

“The business of buying and selling homes doesn’t go away; it is just made difficult in a tight inventory,” he said. “In an odd way, the fact that credit is tight can make home prices rise.”…

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