I do believe that the housing inventory is a historical lows.
But it is probably equal to the demand – which currently is close to zero! Anyone who wanted a house – bought a house.
And many of those that want to sell (mid to upper end homes) – can’t.
And currently, in San Diego, there is a very very small net migration in, but very small. This doesn’t produce any kind of meaningful demand for new single family housing.
Most very well qualified buyers were unfairly priced out of the market due to abnormal home prices, inflated demand for most sub-par properties, and predatory lending practices didn’t help either. It’s time for us to go back to the basics. It’s only fair that hard working Americans have a fair shot at the American dream. Need I mention that the Iraq and Afghanistan wars aren’t helping either?
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We’ve been through this back in the early 90’s remember. It takes a few years to recover. I see new construction slowing down which will cause less inventory and if they decide to build it will be much smaller and with more density type homes. Over building and putting people into homes they couldn’t afford was our first mistake.
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