What’s in store for housing during the next 10 years? John McIlwain, Senior Resident Fellow at the Urban Land Institute recently released “Housing In America: The Next Decade”. The paper looks talks about the consequences of the housing bust such as an increase in renters and a lack of home appreciation in the immediate future. The last segment of the paper examines seniors and boomers and other groups of the US population that will affect housing trends during the next decade. After reading the paper, it is clear that the next few years represent challenges for the broader market and that baby boomers are not immune to the broader issues and are not going “save” or “rescue” the housing market as some press have been touting.
The paper addresses three parts:
- The current state of the market.
- The need to re-establish the private market residential finance system which is now virtually all supported by the federal government through the Federal Reserve, Fannie Mae, Freddie Mac or the Federal Housing Administration (FHA).
- Emerging long term trends including seniors, generation Y and immigrants
Urban Land Institute – “Housing In America: The Next Decade”