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When will things be better for Housing?

By
Mortgage and Lending with The Federal Savings Bank

The long term outlook for housing demand is good!   Several national studies suggest we have already hit bottom. 
A new (2008) study from the Joint Center for Housing Studies of Harvard University finds "the country poised to see an increase in housing demand throughout the next decade.  


"We still have a growing population," said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study's authors. "As long as you have more households, more people are going to need places to live."  


Social trends - people getting married later and divorced more often - are making single-person households the fastest growing household type, the study finds.   A long-term net increase in potential home buyers will be driven by demographic factors: the aging of "echo boomers" into adulthood, an increased life expectancy for baby boomers* and projected annual immigration of 1.2 million. 


From 2010 to 2020, the number of households in the United States will grow by an average of more than 1.4 million per year, the study finds.

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Comments (2)

Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

 A long term outlook of projected growth is very strong from 2010-2010, Generation Y is going to be a huge group of buyers.  This type of buyer is an internet savvy buyer, and being active on the internet is the key to building relationships with this group.

Nov 09, 2008 11:12 PM
Paul McFadden
Responsive Pest Control - Seattle, WA
Pest Control, Seattle, WA.

Greg: I would bet that starting sometime next year, housing will correct. After all, it's been down for at least a year in my neck of the woods and longer in other parts of the country. When the buyer returns to the marketplace (I predict second half of 2009), the housing market will head back up.

Nov 23, 2008 01:13 AM