housing shortage: Is New Construction Ready to Make a Comeback?
- 05/25/10 01:39 AM
On page 9 of the June 2010 Realtor magazine, Lawrence Yun poses a question of an impending housing shortage. With a historical norm of 1.6 million new homes needed to keep up with population growth, the housing market was saturated with too many new homes from 2003-2006 with an estimated surplus of 1.28 million homes above what was really needed. For 2007-2009, builders built on average 930,000 homes per year. This slowdown in new construction has reduced the surplus from a high of 1.28 million to a deficit of 730,000 homes. Yun predicts by 2011 that there will be a 2.3 (0 comments)