In an update on the nation's growing housing shortage, Freddie Mac is reporting the deficit soared 52% from 2.5 million in 2018 to 3.8 million in 2020 thanks in part to the effects of the COVID-19 pandemic.
In particular, the deficit in the supply of entry-level homes is even more acute, declared the mortgage GSE, with their share of overall construction down from 40% in the early 1980s to around 7% in 2019.
The update said the shortage was exacerbated in the pandemic by a 150% increase in lumber prices.
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