Looming Housing Shortage?

Fewer new homes have been built during the past five years in California than in any period since World War II. And while there are still a lot of homes going through the foreclosure process, the fact remains that population continues to grow in the Golden State and at some point it's highly likely that the current surplus of homes on the market will turn into a shortfall.

The latest expert to point that out is Dan Young, president of the Irvine Company's Irvine Community Development Co. and its builder Irvine Pacific.

In today's Lansner on Real Estate blog in the Orange County Register, Young discusses what he thinks will happen in 2012:

Coastal California will continue to rebound, as new residents are drawn to a great climate and location, and take advantage of continued low interest rates, very attractive new home pricing and innovative new home design. Slow but steady job growth will continue, and as it does there will be a realization that a housing shortage is looming, due to the dearth of new home building over the last five years.

You can read the entire Q&A here.