For those of you didn't hear the fantastic news this morning, here it is in a nutshell. Housing starts are at a 16 year low and building permits are at a 12 year low. Strip the negativity that the media would like you to believe and this is fantastic news for the real estate industry.
With the gluttony of homes on the market in addition to all of the bank REO homes that are dripping into the market, this slowdown to the supply of existing homes is greatly needed. This is the first step to a real recovery. Excess inventory will now have an opportunity to diminish and home values will have the chance to stabilize.
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