mainly for the number of completions still taking place, not the decline!!
Assuming 2008 completion figures are the same for 2009 (which they are not of course, being significantly higher) then we have:-
2010 — 257,000
2009 — 384,000
2008 — 384,000
So approximately another 1 million properties on the market. The figure of 1~2 million unsold properties has been kicking around for a couple of years now so probably reflected a situation mid 2008. 2011 is probably going to throw another quarter million properties onto the market!! And then we have all those concrete shells where building has been abandoned.
This backlog is going to take a decade or more to clear. I will have no hope, any time soon, in selling my property!
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