My Economic HOLY SHIT moment for the week

[womzilla]

This is courtesy of Atrios, from the New York Times

Across the nation, 19 million houses and apartments — nearly one out of every seven — are vacant, the highest percentage since the 1960s. But only about six million of those homes are for sale or for rent. That means millions more could still flood onto the market, depressing prices further. (emphasis added)

Way to go, economic overlords!

Comments

[nancylebov.livejournal.com]

The longer this goes on, the worse shape the abandoned houses will be in, so your worries about them flooding onto the market may be excessive.

This is not a good thing, of course-- the hardships for people who've lost their houses are serious, and I don't think the work needed to repair the houses (if it happens) is a net win.