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by grbalaffa
4714 days ago
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Even though it was two years ago, we're still feeling the after effects. There is a considerable lag time between approving new construction and actually getting some built. One bad year (such as 2011) can cause lasting pain for many years afterwards. 2011 still feels very much like the present. |
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Look at the price of housing from 2007 to 2011, and if you understand the role of price in marketplaces, you'll understand why construction was so low.