In the real estate market, the crisis will be the principal determinant of prices for a while, but it is worth noting that the number of 20-44 year-olds, deemed to be the prime first time home buyer cohort, will fall by 10-20% in the next two to three decades in most advanced nations, but by 30% in Spain and China, and by a whopping 40% in South Korea. So, by the time the leading edge of the boomers is aged 80-90, that is 2025-2035, we might well ask, who will buy the homes they are going to sell to fund residential care or when they downsize?
---George Magnus via John Mauldin, 8/2
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