There are too many homes on the market. There are not enough buyers at this time. There are too many people that are behind in their payments. Here is what an expert says it will take...
What Will It Take to Clear the Excess Housing Inventory?
According to macroeconomist, Brendan Lowney, chief economist for Forest Economic Advisors in Massachusetts, it will take an average of 1.3 million new household formations over a five year period, or about 6.5 million new households, in order to clear what is currently a 2.5 million excess inventory of homes.
Until this massive excess inventory is cleared there will continue to be downward pressure on housing prices and continuing difficulties with foreclosures. Other analysts see the continuing high unemployment rate… Click here to read the rest of this article
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