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What Northern Virginia Needs Now is New Homes?

Stephen Fuller, director of the Center for Regional Analysis at George Mason University, had a surprising message during a presentation to the Northern Virginia Association of Realtors recently: Builders need to start producing new homes again in the Old Dominion.

Fuller said he receives a monthly report from 20 home builders that work in the area, and since February each month has shown higher sales. "They have very little inventory," Fuller said, "and in some cases, inventory is so small they're raising prices, even in Prince William County." Fuller pointed out that even though there have been job losses in the Washington area, our employment picture is far rosier than elsewhere in the country. And the worst of the recession is past, though unemployment numbers will continue to rise for months, even after we're in recovery. Meanwhile, a housing shortage could be developing.

"It takes nine months to build a house. They'd better get busy, because the inventory is getting pretty low," Fuller said.

Are you as surprised as I am?

By Elizabeth Razzi  |  June 16, 2009; 6:00 AM ET
Categories:  The economy , The market  
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Comments

'And the worst of the recession is past'

Fuller has no clue what he's talking about...ANYONE that says the worst is past is blind to the numbers of what really is going on. He sounds like the ones that said 'Our economy's fundamentals are sound.'

The monetary policy of the government is going to cause all sorts of issues over the next years. You cannot SPEND your way out of this. We're not taking the hard medicine.

Posted by: cavatellie | June 16, 2009 9:46 AM | Report abuse

Stephen Fuller is a collaborator with the Illegal Alien Invaders. The construction companies that he advises hire illegal aliens. All of his "advice" is geared toward hiring and assisting illegal aliens.

Posted by: Advocator | June 16, 2009 11:42 AM | Report abuse

If the home builders have low inventory, that just means there aren't many new homes. There are plenty of houses available - since they built tons of them over the past several years.

Posted by: Chasmosaur1 | June 16, 2009 2:17 PM | Report abuse

The news today about new homes and apartment starts is misleading.

There are tons of people who moved out of renting into homes they couldnt afford and others who moved into their rented apartments.

Now more then ever, more rentals are needed since people cannot buy, which is more the reason for this news today. Has nothing to do with a recovery or we're out of the woods.

1 piece of good news does not a recovery make.

Posted by: cavatellie | June 16, 2009 9:20 PM | Report abuse

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