Census bureau information is starting to be released and with some simple math you can get a feel for the length of time it is going to take to resolve the housing oversupply/foreclosure problem.
From census in 2000 to the 2010 census
1st the population in the united states increased by approximately by 27 million people
2nd that increase means that households increase by approximately 9.3 million
3rd number of housing units increased by approximately 14.5 million
Soooooooo simple math says as now 2010 we have an oversupply of about 5 million housing units (new housing units 14.5 minus new households formed 9.3) which is approximately a year's supply
Again simple math says if the household formation continues at about a million a year it will take five years to absorb the excess
Not a pretty picture for the new construction market
Just some thoughts to ponder
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