Politicians and economists alike are becoming increasingly optimistic about the future prospects of the housing recovery. I’m not one to believe that years of catastrophic damage could be corrected so quickly, but it’s interesting to analyze.
A new infographic from Bank of the Internet (via ZeroHedge) details some of the troubles housing has ahead. New construction may be picking back up, but I anticipate extremely slow growth until the enormous amount of shadow inventory, predicted here to be around 7 million, is depleted.
The shadow inventory is particularly high in Michigan and Florida, each home to two of the five most miserable cities.