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A simple explanation of falling housing prices...
Projected number of US Households for 2009: 113,568,000
Estimated number of US housing units, 2009: 129,969,653
Excess number of housing units, 2009: 16,401,653

All figures from, or derived, from the US Census Bureau. The household figure comes from a "periodic" report which seems to be most recently published in 1996. The 2000 estimate from the same report was low by about 2M households, so one could estimate that the 2009 estimate would also be low by about 6M, as a guess. That would put the housing unit surplus at 10M.

The housing unit figure comes from an annual survey of housing units. It would include owner-occupied homes, condos, rental units, etc.

With the excess of housing units, I don't see how rising home prices are sustainable.

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So that is like one house per 3 people?

One of the issues is all housing is local. If there are too many houses in Detroit it has no effect on the NYC region.

Also remember that Latinos and Asians big populations in my area have large families.

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