The housing market is improving, according to vacancy figures released today by the government. Forget "bank-owned" and what Realtors call "inventory." The best way to look at the housing market is to see how many housing units are empty.
The rental category took a big drop, which is positive for the housing industry, even if negative for home-hunters.
Both categories are important, as there is some mixing of people between the two categories.
Keep in mind that these are national averages; some local markets look very different. In addition, an excess supply of housing in Michigan does little to help fast-growing Sunbelt states.
Looking forward, I expect fairly good growth. In fact, we could have 20 percent stronger housing construction without overbuilding.