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Forbes: Housing shortage coming in 2011

Posted by: VHFA on February 16, 2010 - 11:05am

If we don't focus on building new housing, the nation's headed for a crisis larger than the one we've already seen.

That's the warning made by First Trust Advisors Chief Economist Brian Wesbury in a recent interview with Steve Forbes.

Nationally, "we need 1.5 million houses per year just to keep up with population growth," he says. "And then if you throw in, you know, fires and tear-downs and just worn-out properties, we need 1.6 million or more per year.

"Right now, we’re down to about six and a half, seven months' inventory whether you look at new homes or existing homes."

Vermont's housing needs were recently outlined in the 2010 Vermont Housing Needs Assessment, published Dec. 11, 2009. VHFA produced the report under contract for the Vermont Department of Economic, Housing and Community Development.

Download the assessment PDFs at VHFA.org and read the full Forbes article at Forbes.com.