Shortage of houses?
"Is a Housing Shortage Coming?
A CNNMoney.com article states, "As the nation struggles to shrug off the worst housing crash since the Great Depression, it may be hard to believe a housing shortage could be on its way." Their reason? Our country is simply not building enough new homes to keep up with potential demand. The number of new homes started in April, when annualized, is less than half the long-term run rate needed to meet the nation's population growth. Our local market still has a large amount of inventory for sale (buyer's market); however, significant statistical improvements have occurred in recent months. If this trend continues, we would first see a stabilization of housing prices, followed by a potential housing shortage (seller's market). One thing that all economists point to as a necessary factor in the housing market recovery -- job creation."