News & Blog

Time to Act: ‘The State of America’s Housing Stock Is Dire’

Jun 21
A recent article from REALTOR® Magazine explores the “one in a generation” response that will be necessary to combat “the decades of underinvestment and underbuilding in the housing market.” Since 2011, we have faced a national shortfall of 5.5-6.8 million housing units.
According to NAR’s chief economist, Lawrence Yun, “There is a strong desire for homeownership across this country, but the lack of supply is preventing too many Americans from achieving that dream…”It’s clear from the findings of this report and from the conditions we’ve observed in the market over the past few years that we’ll need to do something dramatic to close this gap.”
A report from the National Association of REALTORS® (NAR) calls the situation “dire,” and states that, “A severe lack of new construction and prolonged underinvestment [have led] to an acute shortage of available housing … to the detriment of the health of the public and economy.” Additionally, the report states, “The scale of underbuilding and the existing demand-supply gap is enormous…and will require a major national commitment to build more housing of all types” (to read the report, click here).
Though there are many long-term factors that have contributed to the current housing shortage we are now experiencing, NAR president, Charlie Oppler states, “What’s important now is that we find solutions that will get us out of this crisis and provide more stability in future markets.” He concludes with, “Additional public funding and policy incentives for construction will very clearly provide huge benefits to our nation’s economy, and our work to close this gap will be particularly impactful for lower-income households, households of color, and millennials.”
To learn more about the housing shortage and its solutions, and to read the original article from REALTOR® Magazine, click here.

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North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.