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Housing Prices Low, But Not Affordable

Posted by: Nate Berg

2 March 2009 - 9:00am

The housing market has bombed, bringing prices and values to devastating lows. But despite lower prices, affordable housing is still in too short of supply, according to this piece from Time.

"Even as a backlog of hundreds of thousands of newly built and foreclosed homes are languishing on the moribund housing market, more than 750,000 families are in need of affordable housing. Some low-income residents are finding fire-sale deals, but many more are not; just this past weekend, Fort Lauderdale police had to be called in for crowd control when 5,000 people lined up to get on a waiting list for subsidized housing."

"Despite the housing glut, Florida is fast discovering that there is still a glaring need for targeted low-income properties, for renters and owners alike."

"That's true not just in Florida but the entire country. A lack of affordable homes helped spawn the economic crisis in the first place."

Full Story: Despite the Crash in Prices, Affordable Housing Still Lacking
Source: Time, February 26, 2009
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