WHERE DID ALL THE HOUSES GO?

Zillow & U.S. Census Bureau

Zillow & U.S. Census Bureau

There’s a house shortage, if you haven’t heard. Caravans of mournful buyers are circling Southern Maine waiting for a chance to dash into a newly listed house and make a rash offer above asking price. It’s like musical chairs but much less fun. Why aren’t there more houses for sale? Where did all the houses go?

2013-31-2D

Zillow & U.S. Census Bureau

They’re right where we left them, says this report from the Federal Reserve. But they’re only available to renters. They’ve entered the “rental inventory.”

When the housing bubble burst (thanx, banx) oodles of foreclosed homes flooded the market. Mannnnny of these bargains were bought by the only folks who could round up credit or cash: Investors. Now they’re in use, but not in circulation.

Check out the trend lines: The housing market dwindles; the rental market swells.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s