How Many Homes Do You Need to Build to Meet Demand?

How many homes do you need to build in order to completely meet demand, and how far do we have to go before we get there? That's a great question. This is the key question in terms of reducing the housing deficit. We estimate that we need to be building a little more than one point one million single family home a year just to keep even. And unfortunately, i think by the time we get to the bottom of this period of cyclical weakness, the annual rate of production for single family homes will be closer to about 900 thousand a year.