With the housing market the way it is today – foreclosures, little demand, excess inventory, etc., it may be hard to imagine that there may not be enough homes for everyone in the future. Right now, finding people to live in the plethora of empty homes is like moving rocks to the moon. A report in Smart Money says that despite today’s doom and gloom in residential real estate, the current conditions are setting the scene for a future housing shortage.
Home construction in the region has pretty much nosedived since the real estate market exploded. With existing and newly constructed homes having a difficult time finding buyers, home builders retreated and put the brakes on any other plans for building new homes. However, they have stepped back so much that at the existing rate of building, a housing shortfall may occur given the demographics.