Homebuilders Are Failing to Address the Historic US Housing Shortage
Disappointing housing starts in April signals builders aren't rising to the historic US housing shortage. Huge demand and chronic underbuilding drove supply to record lows and sent prices soaring in recent months. If contractors don't address the nationwide shortage, first-time buyers could be priced out of the market. The assignment was a gimme. With house supply near record lows, demand strong, and prices surging to record highs, contractors simply needed to build more. Data out Tuesday suggests they aren't rising to the occasion. That risks closing off the housing market to millennials jus...