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When will residential construction rebound?

Author

Listed:
  • William Hedberg
  • John Krainer

Abstract

Over the past several years, U.S. housing starts have dropped to around 400,000 units at an annualized rate, the lowest level in decades. A simple model of housing supply that takes into account residential mortgage foreclosures suggests that housing starts will return to their long-run average by about 2014 if house prices first stabilize and then begin appreciating, and the bloated inventory of foreclosed properties declines.

Suggested Citation

  • William Hedberg & John Krainer, 2011. "When will residential construction rebound?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue july25.
    • Handle: RePEc:fip:fedfel:y:2011:i:july25:n:2011-23
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    Keywords

    Housing; Construction industry;

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