Massive Overhang of Existing Homes Putting Downward Pressure on U.S. Home Prices and Demand
By R. Mitchell on Jun 16, 2011 in Money
LOS ANGELES, June 16, 2011 /PRNewswire/ — A massive inventory of existing homes is dampening the recovery in the U.S. housing sector according to Brendan Lowney, macroeconomist with Forest Economic Advisors (FEA). Lowney estimates excess home inventories at 2.5 million. He says that this oversupply has put downward pressure on home prices, which in turn has caused a [...]
