Soon, the Mother of All Housing Booms?

Yes, I know most of the housing market looks ugly, but consider the latest news out of Denver where our Evan Nemeroff reports that apartment vacancies reached a 10-year low last quarter: 4.8%. Anyone who’s ever sought a decent apartment rental in the greater New York metro area knows how tight that market is as well (has been for several decades.) But something is going on in housing/mortgages that could spell boom times ahead. Builders aren’t building, and existing home sales are tepid but stable.  As long as the overall U.S. economy doesn’t crater in the months ahead (call your elected officials in Washington and tell them to compromise on a debt deal) it’s possible that as long as mortgage rates stay low, housing will find a floor this year and start to turn upward. After all, it’s all about supply and demand. The apogee will continue to be this: when it becomes cheaper to own than to rent the tide will have turned…