From my own experience, it's totally possible. I also love using the tape measure as a guide becaus it really does show your body getting SMALLER. I measure practically everything once a week: neck, upper arm, forearm, wrist, bust, ribs, tummy, love handle area, hips, thighs, calves.
I started taking these measurements at 220, so I (unfortunately) don't have them from my highest weight. But in just the last 12 lbs, I've lost 4 inches each from both my waist and love handles, 3.5 inches each from my bust and hips, and a whopping 5.5 inches from my ribs! The weirdest place? I've lost .5 on my wrist!!