Housing starts the long climb back?

Inventory of Houses Falls in July - WSJ.com

According to some industry estimates, as many as half of those homes aren’t included on multiple-listing services at any given time. Some foreclosed homes aren’t listed because they are being offered as rentals, while others are awaiting repairs or are subject to litigation or other delays.

Some analysts expect a resurgence in foreclosed homes on the market later this year, as lenders pursue legal actions that had been delayed by moratoriums in various states that sought to keep more people in their houses.