The “pent-up demand” for housing is stuck right now with high unemployment. If we can get jobs creation going, allowing the younger age group to move out and create new households, the housing market will start to hum along.
These “doubled-up” households are defined as those that include at least one “additional” adult – in other words, a person 18 or older who is not enrolled in school and is not the householder, spouse or cohabiting partner of the householder.
Young adults were especially hard-hit, with 5.9 million people ages 25 to 34 living in their parents’ household in 2011, up from 4.7 million before the recession. That left 14.2 percent of young adults living in their parents’ households in March 2011, up more than two percentage points over the period.
Read Full Census Article
This age group that is now stuck living with their parents is what the market needs back in the workforce and buying houses. There is a potential for this to come down the pipeline in a wave, creating a shortage of housing believe it or not. It all depends on how we pull out of this recession/or recovery.
For a good analysis of this Census report, check out Calculated Risk
The fourth annual AIA MN Home By Architects Tour will be held Saturday, September 17 and Sunday, September 18, 2011 from 10 a.m. until 5 p.m. each day. The tour will feature over a dozen new and remodeled homes located throughout the Twin Cities and greater Minnesota, all designed by registered architect members of the American Institute of Architects Minnesota (AIA MN).
#6. 4713 Townes Road, Edina, MN 55424 Rehkamp Larson Architects
The fourth annual AIA MN Home By Architects Tour will be held
Saturday, September 17 and Sunday, September 18, 2011 from 10 a.m. until 5 p.m. each day. The tour will feature over a dozen new and remodeled homes located throughout the Twin Cities and greater Minnesota, all designed by registered architect members of the American Institute of Architects Minnesota (AIA MN).
Visitors to the AIA Homes By Architects Tour can meet the architect and learn firsthand about the design process. Each of the homes on this tour is a unique reflection of the architect homeowner relationship.
From Stillwater to South Minneapolis, Monticello to Minnetonka and many stops in-between, the homes on this year’s tour are both newly constructed and remodeled properties in a range of
design styles and techniques.
The homeowners on this tour researched firms and met with many architects to find the one which matched their visions. The homes showcase the talents of local architects and how the diverse and collaborative visions of homeowners and architects can play out in home design. Tickets are available online through 4 p.m. on Friday, September 16 for $15. Tickets are available during the tour at any home for $20. Single home tickets are available only during the tour for $10.
The 2011 Homes By Architects Tour is supported by Marvin Windows, Warners’ Stellian, Streeter/Elevation Homes, Landscape Renovations and Mattson Macdonald Young. For more information or to purchase tickets, please visit www.HomesByArchitects.org
The Banks Are Killing the Housing Market with Short Sale Policies.
Great post by John Murphy, a friend and fellow Realtor. This is problem that needs to be addressed to help the real estate market correct.
I recommend taking the time to read it.