Hmmm I have been hearing the term "pent-up demand" for months now. I'm guessing this would be a massive "pent-up supply" that isn't necessarily on MLS?
If vacancy is high, rent costs continuing to drop, inventory building up like crazy and the visibility of housing prices going down quickly, I'm guessing that's even more downward pressure in the near term for sure. I don't have a feel for the sensitivity of vacancy rates, but by the same token, housing prices are "just" down 5%.
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