MIT prof: Housing demand about to take off
William C. Wheaton, professor of economics at Massachusetts Institute of Technology, argues that the housing market is due for improvement, calling home construction, “a sleeping giant that is about to wake up.”
Wheaton believes because there has been so little construction that demand exceeds the level of building and it will soon absorb excess inventory.
“Housing construction will not only rise, but it will stay high for a while, which didn’t happen in previous recoveries,” Wheaton predicts.
Source: Fortune, Nin-Hai Tseng (09/17/2010)
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