Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Well, I think in part it may go back to one of the issues discussed earlier about the rate at which replacement is taking place. Now, I haven’t done this in the most scientific way, but if you just take periodic estimates of the stock of housing, whether from the Census or from the American Housing Survey, and try to line up changes in the stock with new production, it appears that we’re in a period when a lot of destruction of old housing is taking place. As you mentioned, the average estimate on tear-downs is 300,000, but I’ve seen estimates as high as 700,000 units.

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