Nationwide statistics show that since the last economic boom ended, construction of new residential units ran at roughly half the pace of the previous quarter century, reports Jonathan Lansner, staffer at The Orange County (Calif.) Register.
The troubling trend means a shortage of options for buyers and renters alike and overall higher housing prices. Lansner writers:
U.S. builders started 715,000 single-family new homes last year – the best year since 2007. But starts ran at a 561,000 annual average rate since 2008 – 53% below the 1.2 million-a-year pace seen from 1983 to 2007.
Read Lansner's article for more details.