Housing Redux
Every small rebound in the number of new houses built is followed by a flurry of articles about how the housing industry is poised to make a comeback. But if my developer friend Joe Duckworth is right, the U.S. housing market is not experiencing a correction but a major restructuring. With college graduates heavily in debt—and high school graduates without well-paying jobs—the first-time buyer market is stalled, and existing homeowners, who might have “moved up,” are stalled, too. The future, according to Joe, is likely to include many more renters than in the last several decades, and so-called starter homes are likely to become permanent homes,