Friday, August 21, 2009
Existing home sales rising 10 times faster than rate we're building homes!
Data just released from the National Association of Realtors showed that existing home sales are rising at a seasonally adjusted annual rate of 5.24 million units. That's nearly 10 times the current, 581,000 units of housing starts.
The real estate downturn of the past three years--although severe--is going to end up looking like a blip years from now. We could be facing the "Mother of All Housing Shortages!