Bullishness is everywhere in real estate these days. People who follow the new construction market are touting the year-over-year increases with great exuberance. Homebuilding is certainly coming back, and as someone who spent most of my career working in the industry, I think that’s a good thing. However, the bullishness could use a little perspective. New home starts just surpassed the lowest low of the forty years prior to the collapse of the housing bubble. Further, the current pace of construction is still well below the stable average of the last five decades. It’s hardly a building boom. Also, the [Read More...]
