Inquiring minds are looking upon data from the Chamber of Commerce in a report from Citigroup showing that the housing excess in this country will last another 3 to 4 years:
Last quarter’s vacancy rate was 10.96 percent, near a peak of 11.05 percent in the second quarter. These figures are based on the number of homes for sale and apartments for rent that are designed for year-round occupancy, and include mobile homes.
About 2.1 million homes now available aren’t needed, Levin wrote in a report yesterday. The estimate is based on the overall rate, along with separate figures for houses and apartments.
“It will take three to four years to work off the excess supply and reach equilibrium,” he wrote. This means housing starts are unlikely to follow “a V-shaped recovery pattern” after plunging in the past few years, the report said.
Please click on the above link to see the graph on this data.
And, of course, California is leading the way in this excess.
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