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Nobody home.(housing market)
THE problems in the housing market continue to put downward pressure on the economy. Economist Larry Lindsey, my colleague at AEI, recently noted in The Weekly Standard that things are likely to get a lot worse before they get better. Lindsey pointed to a sobering statistic. There are currently 129 million homes in the United States, and 18.5 million are empty. Prices clearly will have to come down a lot to clear such an inventory.
It can take hundreds of thousands of dollars to build a home. How can it be that so many came to be empty?
The nearby chart plots the movement in the vacancy rates for two types of homes: those built before 2000, and those built after. The vacancy rate for homes built before 2000 has ticked up only a smidgen, to about 2 percent. That level is about the type of inventory one would expect to see in a healthy housing market. But the vacancy rate for newer homes has skyrocketed, and now stands above 10 percent.
The chart tells a simple story. As prices rose over the past decade, new homes were built in more and more questionable areas. With prices ...
- Southern Oregon Rental-Housing Market Has Vacancy Rate above 5 Percent.
- Newspaper article from: Knight Ridder/Tribune Business News June 4, 2004 700+ words
...reporting units, a 5.02 rate in May following a 5.15 percent vacancy rate in April. Those are the highest marks since December 1997...density," Horton says. "Ideally, we would like to see a vacancy rate of less than 5 percent to make it viable for people with...
- Capital inflow keeps high vacancy rate from depressing the multifamily housing...
- Magazine article from: Building Design & Construction Haughey, Jim February 1, 2005 700+ words
Developers are building multifamily units currently at a 340,000-per-year pace, down from the peak of 400,000 units at the end of 2003. Construction spending for multifamily buildings continued to rise until last July due to the usual lag from start to completion, the rise in materials costs, and a
- Rental Housing Vacancy Rate in Memphis, Tenn., Drops to Lowest Since...
- Newspaper article from: Knight Ridder/Tribune Business News Brosnan, James W. October 27, 1997 700+ words
...WASHINGTON- Oct. 27--The vacancy rate in Memphis-area rental...the national rental vacancy rate of 7.9 percent. The...Arkansas. The tight rental housing market was reflected throughout Tennessee with a vacancy rate of 5.4 percent, compared...
- Denver Apartment Vacancy Rate Declines in First Quarter.
- Newspaper article from: Knight Ridder/Tribune Business News May 4, 2001 700+ words
...it. The already tight vacancy rate dipped to 4.5 percent...he said. A 5 percent vacancy rate is considered equilibrium in the housing market -- the point where renters...which drove the county's vacancy rate to 15.5 percent. That...
- Las Vegas-Area Vacancy Rate Falls for First Time Since Sept. 11, 2001.
- Newspaper article from: Knight Ridder/Tribune Business News October 15, 2003 700+ words
...said Paul Hoyt of Colliers. The vacancy rate was 10.1 percent on 80 million...population growth and a feverish housing market. The retail inventory stood...quarter with a 3.4 percent vacancy rate, down from 4.2 percent in...
- Overall rental vacancy rate rises in Q3; apartment vacancies...
- Magazine article from: Mortgage Banking December 1, 2007 700+ words
...the third-quarter vacancy rate for all units was down...units--held to a vacancy rate of 10.4 percent in...the rental apartment vacancy rate in the third quarter...change in the rental housing market was that rental households...
- RENTAL APARTMENT VACANCY RATE RISES SLIGHTLY.
- Magazine article from: Units June 1, 1999 700+ words
...year earlier. The vacancy rate for all rental units...further keeps the rental vacancy rate from falling. A rising...Nevertheless, the rental housing market remains relatively...the West. The rental vacancy rate increased in the Northeast...
- Higher Rates, Caution Expected to Slow Housing Market
- Newspaper article from: The Washington Post Ann Mariano January 25, 1988 700+ words
...making Washington the ninth most expensive housing market in the country, according to John Tucillo...Apartments are the weakest sector of the housing market-with a vacancy rate nationally of more than 8 percent-after several...
