The shortage of good homes is the current problem of the slowly bouncing back housing market and not the shortage of home buyers. The inventory of active properties for sale in the market dropped to its lowest level since the bubble years. In April, there were a total of 2.5 million homes for sale listed by the National Association of Realtors, the lowest since April 2006.

Bidding wars start erupting and in some markets home and buyers are trying to bid on homes before they are officially listed. This is due to the down shifting numbers of inventories nationwide, leaving fewer options for home hunters.

Meanwhile, construction of new homes remain at historic lows, investors are snatching foreclosures at bargain prices, and home sellers are playing the game of "wait and see" before they put their properties up for sale in the market. These are the reasons why lots of home buyers are scrambling to find good and affordable property in the market.

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