Thursday, July 15, 2010
One of the tricky things facing many U.S. jurisdictions is the number of houses and apartments sitting empty. Among other things, these can increase crime and other safety hazards.
Plus, from the private side of things, its a huge drain on future housing demand.
That's why if you attend a typical Planning Commission meeting, you won't find many development plans or large subdivision plats on the agenda. There just isn't enough demand with all of the currently empty housing supply in the U.S. (an amount that some like the Realtor association estimate at over 3 million).
Well, if you thought that we here in the U.S. were in a sticky wicket of sorts, then check out these new estimates of empty housing in China: over 64 million units (note: access to the article requires a free registration to that site).
If this number is even remotely accurate (and it uses a very interesting metric to establish the estimate), then what we've seen to date in the worldwide housing crisis has been nothing more than an appetizer of problems.
--Chad Emerson, Faulkner U.
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