Do so at your own peril

From the Record:

Millennial generation shunning the suburbs for city life

They want the bustle. They want the convenience. They want the diversity.

In short, they want the city and not the suburbs – even after their children start school.

In a trend that is starting to chip away at the bedrock of suburban North Jersey, a surge of families with young children is gravitating toward New York City, reversing a path worn by generations before them.

Recently released demographic data shows the number of married couples with school-age children rose 10 to 20 percent across middle- and upper-income neighborhoods of New York City just in the first half of this decade, accelerating a trend that began in the mid-2000s. Similar increases were found in urban areas of Hudson County in New Jersey.

At the same time, the number of such families continued to dip across much of Bergen, Passaic, Morris and other suburban counties in New Jersey and New York, according to an analysis of the data by The Record and

While towns closer to the city — and with shorter commutes — have largely escaped the trend, some of the region’s more upscale communities, especially those with longer commutes to jobs in Manhattan, have been hit the hardest.

Across the river, families are putting down roots from Riverdale in the Bronx to the Upper West Side of Manhattan to Park Slope in Brooklyn, where baby carriages have become as common as taxis.

“It’s totally different from where I grew up,” said Malya Levin, who spent her teen years in the city of Passaic and now squeezes into a two-room Park Slope apartment with her husband and toddler. “It’s really night and day, in terms of the diversity of people, the things to do, the lifestyle, the culture, everything.”

But as newly minted urban dwellers settle in, their decisions are starting to pose challenges for suburban communities in the form of declining school enrollments, stagnant home values and elevated office vacancies that experts say are connected to the trend.

“The suburbs are at a serious crossroads,” said New York University sociologist Mitchell Moss, former director of the school’s Urban Research Center. “The family of the future is not the same as the family of the past and young people are no longer living conventional lifestyles. Kids that grew up in the suburbs want to experience a different life and that has made cities attractive again. This is a major, major challenge for the suburbs.”

Communities that adapt will thrive, while those that ignore it “do so at their own peril,” said Rutgers University demographer James Hughes. “This is not a trend likely to go away any time soon.”

Posted in Demographics, Economics, New Development, New Jersey Real Estate | 49 Comments

May EHS exceeds expectations

From CNBC:

Existing home sales hit 5.62 million units in May, vs. expectations of 5.57 million

U.S. home resales unexpectedly rose in May to the third highest monthly level in a decade and a chronic inventory shortage pushed the median home price to an all-time high.

The National Association of Realtors said on Wednesday existing home sales increased 1.1 percent to a seasonally adjusted rate of 5.62 million units last month.

Economists polled by Reuters had forecast sales declining 0.5 percent to a rate of 5.55 million units. Sales were up 2.7 percent from May 2016.

The number of homes on the market rose 2.1 percent, but supply was down 8.4 percent from a year ago. Housing inventory has dropped for 24 straight months on a year-on-year basis.

The median house price increased to an all-time high of $252,800, a 5.8 percent jump from one year ago, reflecting the dearth of properties on the market.

“We have a housing shortage, we may even use the term housing crisis in some markets,” NAR chief economist Lawrence Yun said.

House price gains have also been helped by an unemployment rate that is at a 16-year low. Mortgage rates also remain favorable by historical standards.

At the current sales rate, it would take 4.2 months to clear inventory, down from 4.7 months one year ago. The median number of days homes were on the market in May was 27, the shortest time frame since NAR began tracking data in 2011.

Posted in Economics, Housing Recovery, National Real Estate | 75 Comments

Gentrification of the shore almost complete?

From the NYT:

Memories of a Jersey Shore Town, Before a Boom

On a hot August afternoon in the late 1990s, I waited at Donnelly’s Deli in Avalon, N.J., for our family’s sandwich order. This was a rare treat. We were a bologna-and-cheese-on-white-bread kind of family, loading up the car with beach chairs and boogie boards and a basket of towels for the drive to the Avalon beach from our trailer at a campground a few miles away.

But on that day, near the end of the summer, when my mother was tired of fixing our family of six a summer’s worth of beach sandwiches, we went to this one-story, brick-front deli that smelled like chips, sweat, pickles and meat, to let someone else do it for us.

In 2005, Donnelly’s closed, and the building was torn down — along with the rest of the block. In its place now is a three-story retail and residential building whose first floor features a Lululemon and a Lilly Pulitzer, both open for the summer only.

Like many beach communities, Avalon was transformed as real estate prices shot through the stratosphere. When I was a teenager in the 1990s, my parents thought the $110,000 price tag on a home there was just too much, which is why we spent our summer in a trailer.

Last year, the average home sale price in Avalon was $1.27 million. That’s down from a prerecession high of $1.75 million, in 2006, but still a lot of money. Beach cottages have been razed for mansions. Luxury cars and golf carts roll through the streets. Even the Princeton, a hole-in-the-wall bar where you went to meet someone whose name you couldn’t hear over the music, now has a raw bar.

This has, at least financially, been a good thing for Avalon.

For long-timers who lived there or had small second homes they rented out most of the summer to pay the mortgage, this change secured their retirement. But it also emptied the town. Avalon’s year-round population dropped 37.8 percent from 2000 to 2010, according to the Census Bureau.

Posted in Demographics, Economics, Shore Real Estate | 176 Comments

What Jersey Thinks

From the Star Ledger:

Christie says N.J. economy is better. Here’s what voters think.

Gov. Chris Christie has declared in recent months that New Jersey’s economy has vastly improved — but a new poll shows most voters aren’t feeling good about the state of their state these days.

The Quinnipiac University survey released Thursday found only 1 percent of New Jersey voters say the Garden State’s economy is “excellent,” while 35 percent say it’s “good.”

A larger number have a negative view, with 41 percent saying the economy is “not so good” and 20 percent saying it’s “poor.”

Ten percent of voters say the state’s economy is getting better, 29 percent say it’s getting worse, and 60 percent say it’s staying about the same.

But 16 percent of voters in Thursday’s poll say the state is a “very good” place to live and 61 percent say “fairly good.” Only 16 percent say it’s a “fairly bad” place to live and 7 percent say it’s “very bad.”

The survey also found 11 percent of voters say their own financial situation is “excellent,” 60 say it’s good, 22 percent say it’s “not so good,” and 6 percent say it’s “poor.”

Posted in Economics, New Jersey Real Estate | 84 Comments

No New Homes

From HousingWire:

Economists: Housing inventory could soon turn into an emergency

The latest report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau showed housing starts sank to an eight-month low.

Now, economists are saying that drop could intensify in the months ahead as building permits also saw a drop in May.

“Housing shortages look to intensify and may well turn into a housing emergency if the discrepancy between housing demand and housing supply widens further,” said Lawrence Yun, National Association of Realtors chief economist. “The falling housing starts and housing permits in May are befuddling given the lack of homes for sale and the quick pace of selling a newly-constructed homes.”

“Meanwhile, job creations of a consistent 2 million a year will push up housing demand further,” Yun said. “One thing that’s moving up is the housing costs for consumers: higher home prices and higher rents.”

And NAR wasn’t the only one alarmed by the survey’s results – another expert explained the importance of watching the market to see if the decrease is a new trend.

“We will need to watch carefully if this is a one-time anomaly or a multi-month trend,” said Scott Volling, PwC U.S. Engineering and Construction advisory director. “The industry is already facing an inventory shortage, which is driving up prices, so these results indicate the demand-supply gap could get worse and further impact affordability for certain segments and markets.”

One economist, who served as chief economist at Fannie Mae for more than 20 years, said the drop was surprising, and that the industry expected a modest increase of about 1.2 million units.

“The decline in starts is all the more surprising given high levels of homebuilder confidence and increases in new home sales, although there was a sharp drop in April,” Nationwide Chief Economist David Berson said. “Additionally, mortgage rates remain very low and mortgage credit availability, while much tighter than in last decade’s housing boom, has eased considerably in recent years.”

Posted in Economics, National Real Estate, New Development | 25 Comments

Poof go the jobs?

From the Star Ledger:

New Jersey lost 13,000 jobs in May

New Jersey lost employers cut 14,000 private-sector jobs in May as the unemployment rate held steady at 4.1 percent.

The state Department of Labor and Workforce Development reported a loss of about 13,000 jobs for the month. While private sector jobs went down by about 14,000, the state added 900 public-sector jobs.

The labor department boasted of steady, long-term job growth and record-low unemployment rates. At the end of May, Gov. Chris Christie defended his economic record, saying “The economy has gotten better every way you measure it. More people are working. Less people are unemployed.”

New Jersey’s jobless rate remains below the federal rate of 4.3 percent in May.

Employers in professional and business services slashed 9,000 jobs; trade, transportation and utilities cut 2,400; financial activities lost 1,400; education and health services lost 800; information lost 500; and leisure and hospitality lost 400.

Two industries added jobs, including 500 in manufacturing and 100 in construction.

Posted in Employment, New Jersey Real Estate | 61 Comments

It’s a good time to sell, but don’t.

From HousingWire:

Capital Economics: A seller’s market won’t cure inventory shortages

It’s finally a seller’s market, but according to a new Capital Economics report, the increased selling sentiment doesn’t guarantee a boost in much-needed housing inventory.

Fannie Mae’s most recent Home Purchase Sentiment Index reported that the net share of those saying it’s a good time to sell surpassed those saying it’s a good time to buy. This has only occurred twice in the survey’s history.

Unfortunately, Capital Economics explained that past rises in selling sentiment have not been accompanied by a significant rise in actual listings. And paired with the fact that the number of vacant homes that are being held off the market is rising, the report expects little chance for an improvement in inventory levels this year.

While selling sentiment is at its highest level in seven years, the change shouldn’t come as a shock.

Capital Economic attributed the change to multitude of factors, specifically pointing out the significant rise in home prices.

The increase in selling sentiment, however, doesn’t translate to actual home listings, yet. The chart below compares selling sentiment to number of existing homes listed for sale.

According to the report, a part of the reason is that since home prices are expected to continue to appreciate, households may expect selling conditions to continue to improve, causing them the wait to sell.

Then, beyond selling sentiment, there’s the fact that there is a very high number of vacant homes being held off the market. These homes are being held off the market for a similar reason since owners also expect increased capital gains.

Capital Economics does predict that this will change eventually though, as higher interest rates and lower house price expectations will eventually lead to more of those homes coming onto the market. But this probably won’t happen this year.

Posted in Economics, Housing Recovery, National Real Estate | 49 Comments

Delinquencies improve, even in NJ

From National Mortgage Professional:

Mortgage Delinquencies Dropped to 10-Year Low

CoreLogic’s Loan Performance Insights Report shows that in March, nationally, 4.4 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure), a 0.8 percentage point decline in the overall delinquency rate compared with March 2016 when it was 5.2 percent. As of March 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with one percent in March 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.1 percent, down from 2.7 percent in March 2016.

Early-stage delinquencies, defined as 30-59 days past due, fell to 1.7 percent in March 2017, down from 1.9 percent in March 2016 and the lowest level since January 2000. The share of mortgages that were 60-89 days past due in March 2017 was 0.59 percent, down slightly from 0.63 percent in March 2016.

“Early-stage mortgage performance continues to improve at a steady pace, especially for 30-59-day delinquencies which fell to 1.7 percent, the lowest rate for any month since January 2000,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Late-stage serious delinquency rates continue to decline, falling to their lowest levels since November 2007.”

“Dropping delinquency and foreclosure rates reflect the beneficial impact of stringent post-crisis underwriting standards as well as better fundamentals such as higher employment, household formation and home price gains,” said Frank Martell, president and CEO of CoreLogic. “Looking ahead, we expect these positive trends to continue as the industry shifts its focus toward solving supply shortages and looming affordability crises in an increasing number of markets.”

Posted in Economics, Foreclosures, National Real Estate | 54 Comments

Still #1

From HousingWire:

Foreclosure filings see slight uptick in May

The number of foreclosure filings increased slightly in May, but they are still down significantly from the year before, according to ATTOM Data Solutions.

Foreclosure filings in May increased to a total of 81,495 filings. This is up 5% from April but down 19% from last year, marking a 20-month consecutive decline.

Across the nation, one in every 1,636 housing units had a foreclosure filing in May 2017.

Here are the states with the highest foreclosure rates in May:

New Jersey – One in every 515 homes
Delaware – One in every 753 homes
Maryland – One in every 1,006 homes
Illinois – One in every 1,057 homes
Oklahoma – One in every 1,081 homes

And of the 217 metropolitan statistical areas with a population of at least 200,000, here are the metros with the highest foreclosure rates in May:

Atlantic City, New Jersey – One in every 271 homes
Trenton, New Jersey – One in every 508 homes
Fayetteville, North Carolina – One in every 523 homes
Rockford, Illinois – One in every 690 homes
Philadelphia, Pennsylvania – One in every 722 homes

Posted in Foreclosures, New Jersey Real Estate, Risky Lending | 9 Comments

DINKS with style – what do you expect?

From MarketWatch:

Why house prices in gay neighborhoods are soaring

American homeowners can take pride in these prices.

At the nadir of the housing market in 2012, homebuyers had to pay an average premium of almost 29%, or $209 per square foot, to live in communities with a higher share of gay, lesbian and bisexual residents. This year, homebuyers will need to pay a premium of nearly 37%, or $320 per square foot, to live in these same neighborhoods, according to a study released Thursday by real-estate website Trulia and online dating site OKCupid IAC, -3.67% The conclusion? “Clearly, America’s gay neighborhoods have recovered at a faster rate than non-gay neighborhoods.”

Typically, researchers had to use U.S. Census data on same-sex couples in order to determine where gay populations concentrate. There is an obvious downside to that methodology, however: Not all LGBT people are in relationships and, as such, researchers may be inaccurately measuring where they live. To address this, Trulia and OKCupid developed the “Neighborhood Pride Score,” using OKCupid data on the location of gay singles combined with U.S. Census data on the location of gay couples. The researchers then cross-referenced this with house prices in those areas.

The highest premiums were in West Hollywood, the Castro District in San Francisco, Uptown in Dallas, Palm Springs, Hillcrest in San Diego and Edgewater in Chicago. On the one hand, the legalization of same-sex marriage in June 2015 may have led to more married couples buying homes together in those neighborhoods. On the other, since gay individuals and couples tend to have fewer children and higher disposable incomes, they may also seek to live in neighborhoods with more desirable amenities, or they may simply attract such amenities after they move in.

Another theory: “If you are not raising children, you have two male incomes and have more money to devote to improve their home environment,” says Gary Gates, the recently retired distinguished scholar at the Williams Institute for Sexual Orientation Law and Public Policy at the University of California. There are possible limitations to house-price rises within a “gayborhood.” It may need to be “socially liberal” for an increase in same-sex households to increase house prices, a 2011 study by researchers at Konkuk University in Seoul and Tulane University in New Orleans found.

Ultimately, diversity is good for the economic development and housing prices, Richard Florida, an urban theorist and author of “The Rise of the Creative Class: And How It’s Transforming Work, Leisure, Community, and Everyday Life,” concluded. He found that high-tech hot spots followed the gay neighborhoods. His own separate “Bohemian Index,” which measured the prevalence of artists, writers and performers, had similar results. “Artistic and gay populations,” he wrote, “cluster in communities that value open-mindedness and self-expression.”

Posted in Demographics, Economics, National Real Estate | 31 Comments

Can’t live in one, can’t live without one

From MarketWatch:

Mortgages are unaffordable in half of America’s largest housing markets

Owning a home is becoming an increasingly unaffordable proposition in many of the largest metropolitan areas across the U.S.

In more than half of the nation’s 35 largest markets, buying a typical home listed for sale now requires a greater share of income than the median-valued home entailed historically, according to a new report from real estate website Zillow. Californians have it worst when it comes to home loan affordability. Mortgage payments as a share of income are higher in Los Angeles than in any other major city — for a typical property, these payments would eat up 46.8% of the median income. Historically, loan payments only represented 35.2% of median incomes for owners in the City of Angels.

Not far behind are San Francisco and San Jose, where mortgage payments represent 40.2% and 39.3% of median income respectively. Meanwhile, at the other end of the spectrum, home owners in the Midwest and Rust Belt states must devote a far smaller share of their income to mortgage payments. In St. Louis, Pittsburgh and Cleveland, loan payments represent roughly 13% of median income.

Nationally, homeowners must spend a fifth of their income in mortgage payments for the typical home on average — roughly in line with historical levels. But things could soon get worse, said Zillow chief economist Svenja Gudell.

Posted in Economics, National Real Estate | 43 Comments

Escalades and Jet Skis … Baby!

From HousingWire:

Homeowner equity soars in first quarter

Homeowner equity increased significantly in the first quarter of 2017, according to the Q1 2017 home equity analysis from CoreLogic, a property information, analytics and data-enabled solutions provider.

Homeowners with a mortgage, about 63% of all homeowners, saw their equity increase by 11.2% a total of $766.4 billion since the first quarter last year. The average homeowner gained about $13,400 in equity over the last year.

The total number of mortgaged residential properties with negative equity decreased 3% from the fourth quarter to 3.1 million homes, or 6.1% of all mortgaged properties. This is a drop of 24% from 4.1 million homes in the first quarter last year.

“One million borrowers achieved positive equity over the last year, which means mortgage risk continues to steadily decline as a result of increasing home prices,” CoreLogic Chief Economist Frank Nothaft said. “Pockets of concern remain with markets such as Miami, Las Vegas and Chicago, which are the top three for negative equity among large metros, with each recording a negative equity share at least twice or more the national average.”

Posted in Economics, Mortgages, National Real Estate | 85 Comments

Ah the good old days

From NPR – All Things Considered:

Before Silicon Valley, New Jersey Reigned As Nation’s Center Of Innovation

People from New Jersey are used to defending their state.

But, in fact, New Jersey has a history to brag about. Thomas Edison invented the light bulb, the phonograph and the movie camera there. Many decades later, Bell Labs invented the transistor in the state.

Geography favored New Jersey. On one end, it borders New York City, and on the other end is Philadelphia. That means easy access to Wall Street financing, transportation and industry headquarters.

It all started in the 18th century, when Alexander Hamilton took one look at the plunging Passaic River waterfall in Paterson and his eyes lit up with dreams of industry. That came true for silk, textiles and locomotives. Then in 1870, a smart young inventor named Thomas Edison set up shop in Newark.

“The things that make it attractive for Edison are the things that kind of make it attractive for a lot of aspiring people who come to New Jersey today,” says Leonard DeGraaf, an archivist at the Thomas Edison National Historical Park in West Orange, N.J.

“Edison has the resources,” DeGraaf adds. “He could live and work anywhere, and the fact that he decides to stay in New Jersey I think says something about how he perceived New Jersey as a good place for him to set up laboratories and build companies and manufacture his inventions.”

That’s what made it attractive to Bell Labs. It spread out over several sites in the middle of the state and created many of the technologies that paved the way for 20th century inventions. One of its former facilities, which once held 6,000 engineers and researchers, is in the suburb of Holmdel.

“We perfected cellular communications in this building,” says Edward Eckert, a Bell Labs corporate archivist. “Even before this building was built, we used this property for wireless research — transatlantic radio, telephone, microwave.”

And not too far from there a group of Bell Lab scientists discovered the transistor — the root technology of all silicon chips.

So why didn’t Silicon Valley rise up in New Jersey? Johns Hopkins professor Stuart Leslie, who studies the history of science and technology, says it should have.

“If you were going to place a bet on whether it was going to be New Jersey or Northern California and you placed that bet, say, in 1950, where would you put your money?” Leslie says. “You’d obviously put it on New Jersey.”

But a migration happened west because, as Leslie puts it, the East Coast had become “insular, isolated, self-contained.”

Some cultural differences were also shaped by the law. New Jersey has strict anti-competitive laws that make it hard to take what you learn at your job and create a new company. William Shockley, one of those brilliant Nobel laureates who invented the transistor, moved to California to open his lab in Mountain View, the current home of Google. His employees also left to found their own companies.

It’s not entirely fair to say innovation has vanished from the Garden State. New Jersey ranks 11th among the 50 states for tech industry employment, according to tech association CompTIA. But the excitement and experimentation surrounding Silicon Valley is but a whisper in New Jersey.

There’s a lesson in what happened to New Jersey. Technology centers can shift and change. Bell Labs rested on its laurels; maybe it was a little smug. Nothing lasts forever. Smugness is not a New Jersey exclusive.

Posted in Demographics, Economics, New Jersey Real Estate | 65 Comments

Slowdown ahead?

From CNBC:

Fast-rising home prices finally hit a wall

This spring may be one of the hottest sellers’ markets in history, but even off-the-chart-demand can’t put every potential buyer in a home of their own.

If the house is too expensive for the region’s demand, it won’t sell. That is becoming the case in more and more neighborhoods this spring — and is likely behind the first sign that big price gains are starting to shrink.

Home values rose a healthy 6.9 percent in April compared with April 2016, according to a new report from CoreLogic, but that is a drop from the 7.1 percent annual gain in March and the 7 percent gain in February. CoreLogic is also lowering its predictions for annual gains, to 5.1 percent in April 2018.

“I think we are beginning to see it in selected markets,” said Frank Nothaft, CoreLogic’s chief economist. “You just can’t have house prices grow at 7 percent year after year, when income growth is 2-3 percent a year.”

The evidence is clearest in the hottest markets, like San Francisco, where April home sales were at their slowest pace in six years. The median price hit another new record, but the annual gains are shrinking. Adjusting for inflation, however, San Francisco home prices are still 7 percent below their peak in June 2006.

The higher end of the market is seeing price gains cool the most, because supply there is higher. Both Manhattan and Miami Beach have huge supplies of newly built condominiums, and slower sales are hitting prices. Even in tonier suburbs, the million-dollar-plus homes are sitting longer with more and more price reductions.

Nationally, home prices are reacting to the severe lack of homes for sale, especially on the low end of the market. Demand is heavy, but there is a limit that is slowly being reached in certain markets and even certain neighborhoods. In Washington state, where the supply of homes for sale is at the lowest on record, home prices are up 12 percent annually. In Connecticut, where employment is weakening and major companies have relocated to other states, home supplies are high and prices basically flat.

Those are the extremes. Back in the middle, it’s the same story of short supply and strong demand. If mortgage rates finally do move higher, as some have been predicting, affordability will weaken further. Demand will simply come up against math.

Posted in Demographics, Economics, Employment, National Real Estate | 112 Comments

Shaping up to be the strongest year yet?

From CBS News:

House-hunting in 2017? You’ll need a fatter wallet

What’s on your TV? In many middle-class homes, programs about house-hunting now compete for viewers with sporting events, cooking shows and financial advice. Americans are house-hungry. And nothing proves this more than the latest figures from Black Knight’s Home Price Appreciation (HPA) index, which in March tallied its highest monthly gain in nearly four years.

“By the end of March, prices were already up 2.3 percent since the start of the year, and we hadn’t even gotten into the prime homebuying season yet,” said Ben Graboske, chief technology officer for this Jacksonville, Florida-based financial services company. The pricing “acceleration” is broad-based, with 36 out of 50 states seeing it since the year started. Spring and early summer are the biggest seasons for home buying.

Everyone agrees that home prices are rising, and that the cost of buying is increasing far faster than new homes can be built. Just two months ago, National Association of Realtors (NAR) Economist Lawrence Yun predicted a 4 percent increase in home sale prices this year. Yun has now upped his expectation to 5 percent.

Is anything wrong with this scenario? Not if you’re a home seller. The economics of scarcity is on your side. “The number of homes on the market fell yet again in April, declining another 8.7 percent from last year,” said Chief Economist Ralph McLaughlin of Trulia, which provides real estate listings and housing data. “Simply put, homebuyers are gobbling up inventory at a much higher rate than in the past. The most recent numbers show that the share of inventory that sells has climbed to 25 percent.”

Not only are homes selling faster, but new home construction hasn’t kept pace with demand. Trulia estimates that for the market to “look normal,” construction of new homes would have to double. In April, new home sales were only about 12 percent of total sales. The historical average is just below a quarter of all sales.

How far will their budgets stretch? According to Yun, income has risen 10 percent in the last five years, but housing prices have climbed 40 percent during that time. “That’s a four-to-one ratio between price and income,” he argued. “At some point, we’ll see a leveling off.”

Not immediately, said Black Knight. Even though interest rates are slowly inching upward, “homes are still affordable from a historic perspective,” said Graboske. It now takes almost 23 percent of Americans’ median income to cover the monthly cost of a median-priced home, which is still below the peak of 35 percent of income required in 2006, and not quite the pre-crisis average of 27 percent from 2000 to 2005.

Posted in Demographics, Economics, Employment, Housing Recovery, National Real Estate | 130 Comments