That housing chart really shows the scale of the shortage. We're not even close to pre-2008 levels per capita, which explains a lot about why affordability keeps getting worse. Would be interesting to see regional breakdowns though, since some metros are building more than others.
Yes, nationwide figures give a general overview, but we know that housing markets are regional, and there really is no such thing as a national housing market. That said, the policies of the FED and, more significantly, the government-sponsored financing enterprises, including Fannie Mae and Freddie Mac, have a tremendous impact on the availability of capital for housing development and consumer purchases nationwide.
There are two things (at least) going on here. Constraints on financing, which are more country-wide, and regulatory restrictions, which tend to vary considerably by region and/or municipality.
That housing chart really shows the scale of the shortage. We're not even close to pre-2008 levels per capita, which explains a lot about why affordability keeps getting worse. Would be interesting to see regional breakdowns though, since some metros are building more than others.
Yes, nationwide figures give a general overview, but we know that housing markets are regional, and there really is no such thing as a national housing market. That said, the policies of the FED and, more significantly, the government-sponsored financing enterprises, including Fannie Mae and Freddie Mac, have a tremendous impact on the availability of capital for housing development and consumer purchases nationwide.
There are two things (at least) going on here. Constraints on financing, which are more country-wide, and regulatory restrictions, which tend to vary considerably by region and/or municipality.