Housing In Crisis June 18, 2009
Posted by John Watch in AccuriZ Reports.Tags: AccuriZ, data, Housing in Crisis, John Watch, property data, public records, real estate
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Over the past twelve months there have been varied reports, analysis and commentary regarding to the current housing crisis. Most of commentary has focused on financial institutions and the lending practices of the past seven years. Analysis of the current crisis should not minimize or dismiss these lending practices, but should recognize that these policies are part of the symptoms that were ignored.
Many factors can be attributed to this crisis, but perhaps the most significant variable is new housing starts. From 2000 to 2008, 15.1 million housing units were built, according to public records. This level of development does not vary significantly in total units from similar growth patterns in the 80’s (15.8 million units) and the 90’s (15.7 million units), except one must note that the current cycle covers an eight year period versus 10 year periods.
An initial review of the property data indicates that there is no significant anomaly; however when we consider additional information such as the number of vacant units and primary (seasonal unitsare removed from count) a pattern of over development begins to emerge…
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