ABODE ABSENCE

At the onset of the 2008 Housing Bust, there was an excess supply of houses of 1.25 million, and that exacerbated the subsequent steep decline in home prices. Currently, there is a shortage of housing. Estimates, using very different methodologies, peg the gap at between 1.5 million and 5.5 million units. The average is 3.4 million, equivalent to slightly over two years of production, a very large amount.