THE BOOM HAS NOT EVEN BEGUN:

According to the Census Bureau, vacancy rates for residential housing in the United States have fallen to levels last seen before the peak of the housing boom in 2006 and the subsequent recession.

In the final quarter of 2012, the vacancy rate was 1.9 percent of homeowner housing, and 8.7 percent of the rental housing market. That's down from rates as high as 2.9 percent (2008) in the owner market and 11.1 percent (mid-2009) for rentals.

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