Building expands on San Mateo County peninsula, but few moving in

Though available housing has continued to expand on the San Mateo County peninsula, few are moving in, according to the San Mateo County Times.

The local housing market slowdown was confirmed by U.S. Census reports, which show that two-thirds of the 10,453 housing units built in 2010 remain empty, the source said.

However, despite vacant housing it seems that real estate development is slated to continue in the area. The source reported that there has been a continuous influx of housing proposals, including three major projects which will result in a total of 17,600 homes being built. All of the county's major cities, except for two, had more vacant homes recently built homes than occupied ones.

Some local officials argue that the real estate market will soon rebound, and they are preparing themselves by building homes that will for people to move into when that occurs.

"I think you'd be hard-pressed to find anybody in the region that would take the position that there's an oversupply of housing in the Peninsula," David Smith, senior vice president of a real estate development, company told the source. "Yes, I believe the growth will continue on the Peninsula, and it will be robust."

The overall number of vacant houses in the area increased by 103.8 percent between 2000 and 2010, according to U.S. Census data.  

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