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California Housing Forecast estimates that there are 2,180,000 empty houses currently for sale, 4,000,000 homes empty for rent. Who is making the mortgage payments on these homes? How much equity is actually in these homes? How many mortgage payments will an investor make before slashing the price to dump the home like last-year’s car model?
This supply will not go anywhere until prices come down and people feel that they are worth owning. These empty houses are not going to help anyone.
Actually, those numbers are put out by the U.S. Census Bureau, I think I had the link up within that story.
Amazing, isn’t it.
We totally overbuilt. What a waste of timber, copper, granite, concrete, and labor.
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