Slow Housing Starts Leading To Honolulu Housing Shortage?

February 16th, 2010 categories: Rants & Riffs, The Market

Never forget the old saying, “For every action, there is an equal and opposite reaction.” As most of you know the number of homes being built has slowed and Forbes.com has a really good article showing that this could lead to a housing shortage.

“We need one and a half million houses per year just to keep up with population growth,” Wesbury said in an interview with Steve Forbes. “And then if you throw in, you know, fires and tear-downs and just worn-out properties, we need 1.6 million or more per year. Right now, we’re down to about six and a half, seven months’ inventory whether you look at new homes or existing homes.”

“Privately owned housing starts in December 2009 were at a seasonally adjusted annual rate of 557,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4% less than where it was in November, which had 580,000 housing starts.” CLICK HERE TO READ THE ENTIRE ARTICLE

If this is the case and you don’t yet own a home, you may want to buy a house or condo now. A housing shortage would mean that there would be dramatic pressure for prices to go up!

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If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

This entry was posted on Tuesday, February 16th, 2010 at 1:30 pm and is filed under Rants & Riffs, The Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.