Housing Prices Low, But Not Affordable

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 <em>Time</em>.
March 2, 2009, 9am PST | Nate Berg
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"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."

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Published on Thursday, February 26, 2009 in Time
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