2. Young people starting out are burdened with college debt more than any other generation, and are a smaller demographic than boomers.
3. What drives home ownership is stable jobs and family formation. Has anyone seen an uptick in job stability?
There is only one factor holding up real estate right now that I can see. Rich Chinese are looking for a place to park their money outside of China to avoid their own recession, and American real estate looks like a bargain compared to China right now.
Colleges are reporting record freshman class sizes. That is due to the poor economy. Owning a rent house in a college town is like having your own personal ATM machine.
VF...great summary. And you’re exactly right about the boomers.
It’s like a snake that’s swallowed an ostrich egg, with the egg just reaching the end of its internal journey. And, its gonna hurt when it comes out.