Missing Housing

For John, BLUF:  Massachusetts is about 100,000 housing units short.  This is not helping.  Nothing to see here; just move along.

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US Homebuilding Tumbles to Two-Year Low Amid Soaring Mortgage Rates

From The Washington Free Beacon, by Reporter Lucia Mutikani, 17 November 2022, 12:35 pm.

Here is the lede plus one:

U.S. homebuilding fell sharply in October, with single-family projects dropping to the lowest level in nearly 2-1/2 years, as the housing market buckles under the strain of surging mortgage rates, which are pricing out potential homeowners.

> Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.425 million units last month, the Commerce Department reported on Thursday.  Data for September was revised higher to a rate of 1.488 million units from the previously reported 1.439 million units.

We have a homeless problem in our Commonwealth, worse in Boston than in Lowell.  There are building assets available, and we need free market efforts to put them to work.  By free market, I do include our General Court making monies available to allow building of homes.  For sure, rent control will only make this worse, as will the influx of refugees coming across our Southern Border by the thousands.

Hat tip to the InstaPundit.

Regards  —  Cliff