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Excess inventory is the mortal enemy of housing prices, according to Richard LeFrak, president of the LeFrak Organization.
“We just have too many damn houses in the United States right now,” he told CNBC.
Statistics vary, but LeFrak says there are two million vacant homes above the normal inventory on the market in the United States right now.
“If you want to hear about what a price killer is, think about that inventory and what that will do to housing prices,” he added.
LeFrak says if we can address this problem “intelligently,” many of the issues plaguing the housing market and the banks will be squared away. His solution? Offer permanent residence status to foreigners if they buy a vacant house.
“Of course they’d have to be qualified immigrants,” he added. “They can’t just be anybody that comes in to be qualified.”
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