HousingWire reports John Burns Real Estate Consulting says the excess housing vacancy level reached 3.2 million dwellings in 2009, and has fallen to 2.4 million units, but that will take 3-4 years to occupy. Despite the push by government and industry for more loan modifications, John Burns shows 72 percent of delinquent borrowers do not qualify for the Home Affordable Modification Program (HAMP). The slow recovery is due to low consumer savings, high consumer debt, and underwater mortgages that prevent many borrowers from moving up. Housing stock over the last decade grew by 15.8 million units, but households only grew by 11.2 million, creating an excess of homes. Burns says the 5.9 million adults ages 25-34 now living with their parents, an increase of 1.3 million since 2006, are part of the pent-up demand that will boil over in the next few years, bringing balance back to the housing market by 2015.
