Yes, Virginia, Our Housing Stock Is Now Way, Way Below Trend...: "
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On a one-unit houses metric, the bust is now more than three times the size of the boom--and will be at least five times the size of the boom by the time we recover.
The boom was 4 years x 500,000 houses x 1/2 = +1,000,000 excess houses.
The bust so far is -3,500,000 houses.
And it will be -5,000,000 houses--or more--by the time we are finished with this episode...
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