Rhode Island Housing Shortage May Show Way For Recovery
Rhode Island is different than many states, it has an inventory shortage in it’s housing stock. Many of the same loans that were written across the country, the subprime and Alt-A loans, were also sold to those living in Rhode Island.
What experts are now watching is that Rhode Island is ahead of the curve. The housing slowdown hit the state first and now it is coming out of the downturn first. So many of the issues faced by Rhode Islanders will most likely affect those living in other parts of the country.
Are there any answers yet? Not really except that sales are increasing in a low inventory period as housing prices have stabilized. But what comes down the pike in Rhode Island may teach us something that we can use later on.
“Most of the country is overbuilt,” said Richard H. Godfrey, executive director of Rhode Island Housing. “Rhode Island is still underbuilt. We have a housing shortage.”
In part because of that shortage, Rhode Island has the largest gap between what people earn and what it costs for housing, Godfrey said. “We were more desperate here. Therefore, the subprime lenders, the predatory lenders, the high-cost lenders came in here first,” he said. “That’s really what triggered it here. That was unsustainable, and we had a lot of bad lenders making bad loans.” via The Providence Journal.
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Comment by Darleen March on 3 June 2009:
Paradox news that Rhode Islanders are coming out their curve but into a shortage. The modular product line seems like a good solution for RI’ers. Are there reputable modular companies in Rhode Island? I represent a modular company in New York (Saratoga Springs). If help is needed, visit http://www.steelmodulars.com. Perhaps lenders should be looking at a modular home program for their clients. Modulars are far superior than they use to be and we take it to a new level with solid steel core. I think the lenders would be wise to look into this program for future growth. Darleen March, 21st Century Homes & Structures