Posted To: MND NewsWire

Some time ago, Freddie Mac’s Economic and Housing Research Group raised an alarm over a housing shortage , calling it a crisis and estimating that the country needs about 2.5 million additional housing units over the short to medium term to fill the gap. That was a national estimate. Now they are looking at conditions on the state level. In its initial analysis Freddie Mac pointed out that over the 40 years preceding the housing crisis (1968-2008) 39 of those years saw more housing construction than did 2017 when 1.25 million units were completed. Things have not improved substantially since then. The Census Bureau reported that, in January 2020 the rate of unit completions was 1.28 million. The poor post-recession recovery in housing production relative to population has been driven by an…(read more)

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Source: Mortgage News Daily