And builders are building again. A lot. And the market is absorbing what they’re building, and the distressed inventory on the market has shrunk to less than 20%. (It was over 50% a little over a year ago.) And that’s after large investors have pretty much exited the market as buyers.
Apparently, Phoenix’s rental vacancy rate is close on 20%, so the vacant foreclosures were just replaced with vacant rentals. How is it efficient to be building outward when a lot of housing closer to job centers sits vacant?
