From 1929 to 1955 house prices in the US remained essentially flat. Today's housing 'imbalance' may take at a decade – if not 26 years – to resolve. There are 26 million houses directly or indirectly for sale today and another 20 million ready to come on the market as soon as it seems they might be salable. Who, pray tell, is going to buy all these existing houses? Between the 35 million underwater homeowners, the 12 million unemployed, and another 15 million underemployed, plus the aging Boomers, who's left to buy all these houses?
---CK Michaelson, 6/2
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