That is of course if you believe economic growth will return to normal.
And debt levels will come back to normal.
And gas prices will come down allowing for more discretionary income.
And the youthful generation will start finding jobs so they can become the new buyers the housing market so desperately needs.
And cities stop jacking up property taxes.
Sure, then it's only another 40% to go.
HT
3 comments:
You forgot another thing. Demographics
Teh baby boom generation is much larger than the succeed generations, hence there will a lot of housing on the market as babyboomers sell to fund their retirements/downsize.
It'll happen. Between the baby boom generation die off and more families living together (extended family sharing, children still at home, grandparents at home not nursing home etc), more people sharing and so on coupled with makework construction will lead to a lot of unusued houses and apartments, unless uncontrolled immigration fills them up....
- Breeze
LOVE THE LITTLE RECOVERY THE "First Time Homebuyer Tax Credits" did! What a joke!
Baby Boomers won't downsize. They will stay in big homes until they die, and since the baby boomer generation covers age 45 to age 75 - it will happen over a 40 to 50 year time span. I think it will be gradual enough for the housing market to absorb.
(Assuming the young kids can ever find jobs...)
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