Mcnulty, James E - In: Business Economics 44 (2009) 4, pp. 206-215
I estimate the long-run demand for housing to be, at most, 1.6 million units per year. This compares to housing starts of two million in 2004 and again in 2005. This overbuilding is the primary cause of the current housing glut, which I estimate to be between 1.24 and 1.72 million units. It will...