Forecast down?

From Seeking Alpha:

US home prices expected to fall further than previously forecast, Fannie Mae says


U.S. home prices are expected to slow further than previously forecast next year and in 2026, according to Fannie Mae’s (OTCQB:FNMA) latest Home Prices Expectations survey released Thursday. 

According to the survey of 100 housing experts in the industry and academia for the current Q4, average home prices are expected to slow by 3.8% in 2025 and 3.6% in the following year.  That’s up from the Q3 survey that showed deceleration of 3.1% and 3.3%, respectively. 

The panelists, on average, expect existing home sales to stay “sluggish” for another year while new home sales will “trend slightly upward,” Fannie Mae said. Mortgage rates are expected to remain “elevated by but modestly decline” over the year to 6.3%, it added.

The average contract interest rate for a 30-year fixed-rate mortgage was 6.85% in the week ended November 29, the Mortgage Bankers Association said Wednesday. 

Fanne Mae said Thursday around 80% of respondents expect home prices to decelerate due to ongoing high mortgage interest rates, rising housing inventory, and slowing wage growth. 

“While home price growth is expected to ease next year, HPES panelists’ big-picture view for 2025 appears to be little changed compared to 2024, with most seeing another year of elevated mortgage rates and weak home sales,” said Fannie Mae Chief Economist Mark Palim. “We share our panelists’ view that home price growth is likely to decelerate next year, as the mix of continued elevated mortgage rates and the run-up in home prices of the past four years will likely continue to strain affordability and remain an impediment to many would-be homebuyers.”

Meanwhile, Fannie Mae said, the minority of respondents who are expecting home prices to appreciate to accelerate cited strong pent-up demand by first-time homebuyers, tightening inventory, and declining interest rates. 

Posted in Demographics, Economics, Housing Bubble, Mortgages, National Real Estate | 26 Comments

NJ takes top spot in price growth

From CoreLogic:

US Home Price Insights –  December 2024

Home prices nationwide, including distressed sales, increased year over year by 3.4% in October 2024 compared with October 2023. On a month-over-month basis, home prices increased by 0.02% in October 2024 compared with September 2024 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results). 

The CoreLogic HPI Forecast indicates that home prices will drop by -0.03% from October 2024 to November 2024 and increase by 2.4% on a year-over-year basis from October 2024 to October 2025. 

U.S. home price growth has remained relatively flat since this summer, only eking out gains in certain pockets of the country. The Northeast has proved particularly resilient to current economic conditions despite slower job growth, elevated interest rates, and ongoing affordability concerns.  

New Jersey, Rhode Island, and New Hampshire claimed three out of the top five spots for year-over-year price gains, rising 8.1%, 7.5%, and 6.3%, respectively. Rhode Island and New Jersey prices reached new highs in October.  

Meanwhile Washington D.C., Idaho, and Montana top the list this month for the states that are furthest from their price peaks. Each location was down from its former high point by -3.5%, -2.5%, -2.1%, respectively. However, on a year-over-year basis, Washington D.C. prices are still up 4.7%. 

Despite the price declines seen in certain areas of the country, overall national price growth is expected to continue at a muted pace. Still, forecasts suggest that national single-family home prices will reach a new peak level in April 2025. Currently, the median sales price for all single-family homes in the U.S. is $385,000.  

Posted in Housing Bubble, National Real Estate, New Jersey Real Estate | 65 Comments

Welcome to prediction season!

From Business Insider:

4 predictions for the US housing market in 2025, according to Zillow

Here are four predictions Zillow has for next year’s market.

1. Rising home sales

Olsen said the housing market was slowly becoming “unstuck,” a trend that should continue as home prices rise at a “modest” pace.

The firm predicts that home prices will rise by 2.6% in 2025, while existing-home sales will notch 4.3 million, up from the 4 million sales it expects this year.

“While affordability challenges will remain, buyers should expect more homes on the market, meaning more time to consider their options and more leverage in negotiations,” Olsen said.

2. Choppy mortgage rates

Zillow predicted that mortgage rates would bounce throughout next year.

The firm pointed to recent changes in the 30-year fixed mortgage rate, which fell this year before climbing to nearly 7% as markets adjusted their expectations for borrowing costs amid sticky inflation and a robust economy.

“More swings like this are expected in 2025, with refinancing sprints occurring during the dips,” Olsen said.

3. A buyer’s market in the Southwest

Zillow’s data indicates most “buyer’s markets” in the US are in the Southeast. But it said buyers could find more opportunities in the Southwest next year as more inventory in the region becomes “unstuck” and attracts homebuyers.

“These buyer’s markets should have the greatest number of movers, while sellers will feel the heat of competition as buyers will have more homes to choose from,” Olsen said.

But Olsen added that falling mortgage rates could prevent buyers from moving west, as lower borrowing costs stimulate demand and give sellers the upper hand.

4. Smaller homes

Zillow predicted that small homes would continue to rise in popularity. The firm said the word “cozy” appeared in 35% more Zillow listings this year than last year, a sign that buyers could be more interested in downsizing to smaller and more affordable abodes.

“Home values of small condos are finally stabilizing after remote work left downtowns more empty, even while home value appreciation of larger properties — though much stronger — continues to soften,” Olsen said.

Posted in Economics, Housing Bubble, Housing Recovery, National Real Estate | 70 Comments

Ambassador Kushner

From NJ1015:

Trump wants pardoned NJ real estate developer for US ambassador

President-elect Donald Trump said Saturday he intends to nominate real estate developer Charles Kushner, father of Trump’s son-in-law Jared Kushner, to serve as ambassador to France.

Trump made the announcement in a Truth Social post, calling Charles Kushner “a tremendous business leader, philanthropist, & dealmaker.”

Kushner is the founder of Kushner Companies, a real estate firm based in Florham Park. Jared Kushner is a former White House senior adviser to Trump who is married to Trump’s eldest daughter, Ivanka.

The elder Kushner was pardoned by Trump in December 2020 after pleading guilty years earlier to tax evasion and making illegal campaign donations.

Posted in New Development, New Jersey Real Estate, Politics | 99 Comments

What’s it really cost to live here

From NJ Digest:

NJ Residents Pay More in Taxes Than Anywhere in Nation, New Study Finds

 New Jersey residents will pay more in taxes over their lifetimes than those in any other state, according to a recent study by Self Financial.

The analysis, titled A Life of Tax, estimates the average American will pay $524,625 in taxes over a lifetime, accounting for just over one-third of total earnings. However,  New Jersey’s tax burden far surpasses that figure, with residents paying an average of $987,117 throughout their lives — the highest in the nation.

The study determined that this tax burden amounts to 54.3% of lifetime earnings, also the largest percentage among all states.

Here’s how New Jersey’s taxes break down:

  • Property tax: $564,614 (highest in the nation)
  • Income tax: $334,260 (6th highest in the nation)
  • Personal spending tax: $54,961 (19th highest)
  • Car tax: $33,282 (26th highest)

The report included property, income, sales, and vehicle taxes for all 50 states and Washington, D.C.

Other locations with high lifetime tax burdens include Washington, D.C. ($884,820), Connecticut ($855,307), Massachusetts ($816,700), and New York ($748,199).

Posted in New Jersey Real Estate, Politics, Property Taxes | 76 Comments

Prices slowing?

From MarketWatch:

Home-price growth has ‘stalled,’ Case-Shiller says 

Home prices in the 20 biggest U.S. metropolitan areas lost more steam in September, buckling under the pressure of high mortgage rates and historic unaffordability.

The S&P CoreLogic Case-Shiller 20-city house-price index rose 0.2% in September, compared with the previous month. 

Home prices in the 20 major U.S. metropolitan markets were up 4.6% in the 12 months ending in September. 

That’s a deceleration compared with an increase of 5.2% the previous month. Economists surveyed by Dow Jones Newswires and the Wall Street Journal expected the 20-city index to increase by 4.8%.

A broader measure of home prices, the national index, rose 0.3% in September and was up 3.9% over the past year. All numbers are seasonally adjusted. 

Home prices posted the slowest gain since September 2023. 

Even though prices are growing less rapidly, the 20-city and national indexes still inched to new record highs in September.

Posted in Economics, National Real Estate | 74 Comments

Rethinking outdated public notice requirements

From the Real Deal:

As print publications dwindle, real estate struggles to meet public notice requirements 

New Jersey’s largest newspaper, the Star-Ledger, announced last month it would cease print editions beginning early next year. It marks a loss not just for Jersey residents who prefer a hard copy of their paper, but for real estate developers who need it for legal reasons.

Real estate developers are required to publish notices of the planning and zoning process for projects in many states and municipalities across the country, an increasingly difficult mandate to meet as daily print publications close shop, ROI NJ reported. 

Land use and zoning attorney Kathryn Razin said there will need to be changes to where developers and municipalities are required to publish public notices in the years to come, and further print shutdowns will put pressure on these legal requirements. 

“For now, you have to be diligent to make sure that when that publication you’re providing a notice is still going to be in print,” she told the outlet. “You also have to double check that the municipality hasn’t designated a new ‘official newspaper.’”

The faltering availability of print publications for these purposes may also precipitate discussion of whether these public notice mandates are outdated or need amending, she said. 

“I think this has raised discussions on that statutory requirement, and whether we should be allowing a newspaper’s website to satisfy these requirements in lieu of a print publication,” she told the outlet. “From an applicant’s standpoint, this has been a long-standing requirement and could be seen as antiquated and in need of an update, alongside other statutory requirements.”

Posted in National Real Estate, New Jersey Real Estate | 86 Comments

October sales … UP!

From CNBC:

Home sales surged in October, just before mortgage rates jumped

A sharp drop in mortgage rates brought homebuyers off the fence in October after a slow summer.

Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 2.9% higher than October of last year, marking the first annual increase in more than three years.

This count is based on signed contracts, meaning most of the deals were made in August and September. During that time, the average rate on the popular 30-year fixed mortgage was falling. It started August around 6.6% and dropped to a low of 6.11% by mid-September, according to Mortgage News Daily.

“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said Lawrence Yun, NAR’s chief economist, in a release. “Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”

There were 1.37 million units for sale at the end of October, an increase of 19.1% from October 2023. That puts inventory at a 4.2-month supply at the current sales pace. It is still on the leaner side, as a six-month supply is considered balanced between buyer and seller.

Tight supply continues to put upward pressure on prices. The median price of an existing home sold in October was $407,200, an increase of 4% from the year before. By price category, the higher end of the market is seeing more activity than the lower end.

“We still need another 30% in inventory just to get us back to the pre-Covid conditions,” Yun said.

The share of all-cash buyers pulled back to 27%, down from 29% in October 2023. That is still high historically, but lower mortgage rates likely caused that share to drop.

First-time buyers made up 27% of sales, down from 28% the year before and still historically low. They usually make up 40% of sales.

Posted in Economics, Housing Bubble, National Real Estate | 128 Comments

Live like Paul Volker

From the Record:

North Jersey home of President Obama’s economic recovery board chair listed for $3.5M

Nestled along Park Street, just a few hundred feet from Montclair’s Applegate Farm stands the Tinkham-Volcker house.

Listed for sale in early November for $3.5 million by Saritte Harel of Keller Williams Realty, the six-bedroom, six-bathroom Colonial Revival at 509 Park Street is a reflection of both the town’s agricultural past and its transition into a bustling modern suburb.

Though the roughly 125-year-old home underwent some alterations in the 1940s, much of its original charm remains. From the classic stone wall along Park Street to the detached terra cotta garage built in 1914, the property has clear historical roots. However, it is also a showcase for clean modern luxury.

A recent renovation aided by Adriana Smyth Interiors has transformed the 9,000-square-foot home. There is a chef’s kitchen with premium appliances, including a La Cornue gas range, quartz countertops and a seamless connection to the formal dining room that offers picturesque views of the property’s grounds. 

The Tinkham-Volcker house gets the second half of its name from its most famous resident, Paul Volcker. The cigar smoking chairman of the United States Federal Reserve Board from 1979 to 1987, Volcker also served as chair of President Barack Obama’s Economic Recovery Advisory Board from 2009 to 2011.

Deeply rooted in New Jersey, he was born in Cape May in 1927, raised in Teaneck and educated at Princeton University. He spent a quarter century in domestic and international finance before serving two terms as chairman of “the Fed” under Presidents Jimmy Carter and Ronald Reagan. Volcker, who owned 509 Park in the 1980s, was known for his commitment to monetary restraint and inflation limiting strategies. He was also known for backing financial regulation and helping to inform the “Volcker Rule,” a feature of the Dodd-Frank Act that limits banks involvement with short-term trading, hedge funds and private equity funds.

Posted in Economics, New Jersey Real Estate, North Jersey Real Estate | 99 Comments

Greedy boomers living too long

From Fortune:

The ‘Oracle of Wall Street’ says home prices need to fall 20% to end the ‘generational schism’

Baby boomers own more homes than millennials and Gen Zers, creating a “generational schism” in the world of housing, according to Meredith Whitney, the “Oracle of Wall Street,” who predicted the Great Financial Crisis.

Boomers aren’t selling, and that’s a problem. “They’re not selling because they’re aging in place, because they can’t afford to go anywhere else,” Whitney said last week in an interview with CNBC. “Until they sell, you’re going to have this real standoff between sellers and buyers.”

So what’ll it take? Well, home prices have to fall; Whitney said prices need to drop about 20%. But that price decline would only take us to the price levels of three or four years ago before the pandemic and its corresponding housing boom. Plus, people would still have a lot of equity in their homes, Whitney explained, so it wouldn’t be a housing crash.

At this point, it doesn’t make sense for a lot of people to sell their homes because they have either locked in a low mortgage rate or own their home outright. To give that up would likely mean a much higher mortgage rate, and a much more expensive home. Considering an unwillingness to sell from older generations, that leaves fewer homes for younger generations to buy; those that are for sale are, in some cases, unaffordable because prices continue to rise since supply is tight—and mortgage rates are higher than what people are used to.

In some cases, people list their homes at exorbitant prices and sell if they get an offer, or stay if it doesn’t meet their expectation, Whitney said. Sales are depressed, particularly at the middle and lower tiers of the market, whereas luxury is sort of carried by all-cash offers, she added. “Something has got to give in the regular market,” Whitney said. “I think you’re going to start to see home prices go down.”

“For homes to be affordable, that’s going to have to happen,” she added. Whitney said she wrote a letter to whoever won the presidential election, telling them they have to let home prices drop, and it wouldn’t be the end of the world, for one, because “demand may be overstated.” (She didn’t provide any other details on the letter.)

In an interview with Fortune earlier this year, Whitney said she sees home prices falling 30% partly because young, single men are living at home, playing video games.

Posted in Crisis, Demographics, Economics, Housing Bubble, Humor, National Real Estate | 170 Comments

Home Insurance Spiking Across US

From Fast Company:

The housing market’s home insurance shock, as told by an interactive map

Over the past few years, many housing markets have experienced a home insurance shock. Part of this is due to insurance models reassessing disaster risks, while much of it stems from rising housing and construction costs. Replacement and repair costs have soared, and insurers are trying to keep pace, though some state insurance commissions are slowing the process.

To better understand what has happened to home insurance across the country, ResiClub reached out to economists Benjamin Keys, a professor of real estate economics at the University of Pennsylvania’s Wharton School, and Philip Mulder, a professor of insurance at the University of Wisconsin-Madison. This summer, they published a paper for the National Bureau of Economic Research (NBER), conducting their analysis using raw data from CoreLogic.

They found that the three-year shift in the median annual U.S. home insurance premium from 2020 to 2023 was 33%. That’s a bit above the three-year shift in U.S. home prices from December 2020 to December 2023 (28%).

“We find that premiums have risen sharply since 2020, that this growth has been concentrated in disaster-prone ZIP codes, and that elevated reinsurance costs are a critical driver of the increase,” wrote Keys and Mulder in their NBER paper.

Among the 500 largest U.S. counties, these 15 counties saw the biggest three-year increase in median home insurance premiums from 2020 to 2023. Nine of them are in Florida:

  1. Prince William County, Virginia: 150.2% 
  2. St. Tammany Parish, Louisiana: 117.8%
  3. Calcasieu Parish, Louisiana: 90.8% 
  4. Weber County, Utah: 86.4% 
  5. Flagler County, Florida: 79.7% 
  6. Martin County, Florida: 77.9%
  7. Santa Rosa County, Florida: 76.7%
  8. Escambia County, Florida: 74.2%
  9. Lee County, Florida: 72.2% 
  10. Utah County, Utah: 71.6%
  11. Marion County, Florida: 70.9% 
  12. Okaloosa County, Florida: 70.1%
  13. Guilford County, North Carolina: 70.1%
  14. St. Lucie County, Florida: 65.7%
  15. Manatee County, Florida: 64.7%
Posted in National Real Estate | 68 Comments

Basement Voters Swing Election?

From Fortune:

Top real-estate CEO suggests some young people might have voted for Trump because they’re sick of living in their parents’ basements

“The young voters who, after years living in their parents’ basement, swung right in this election, will expect President Trump to act as America’s real estate developer in chief, and build the housing that they need,” Redfin chief executive Glenn Kelman wrote Wednesday in a note titled: “Way-Too-Early Take: What Trump’s Re-Election Could Mean for Housing.”

In a prior interview, Kelman told me, “Biden’s basic problem with millennials is how optimistic can you be about the economy from your parents’ basement?” That was, of course, before President Joe Biden dropped out of this year’s race, before Vice President Kamala Harris became the Democratic Party’s candidate, and before Trump won it all. 

Home prices soared during the pandemic because people could work and live from anywhere, and mortgage rates were lower than they’d ever been. When inflation became a real hot problem, the Federal Reserve raised interest rates, indirectly lifting mortgage rates. Americans were left with high home prices and high mortgage rates—and still are, to an extent. Some people can’t buy homes, and others won’t sell them and lose their low mortgage rate: That’s why sales are depressed. Also, after years of underbuilding—and in some cases, decades of policy failure—there aren’t enough homes to go around. 

But Trump can maybe fix that, according to Kelman, by “setting aside well-meaning regulations on home-building that limit construction and make housing less affordable,” he said, partly referring to “environmental reviews in already well-settled areas, and limits on apartment buildings in neighborhoods of single-family homes.”

It isn’t up to the federal government, though; it’s all up to states and localities, who pretty much control development via land-use regulations, but Trump could create incentives for them to get housing built. “Many of America’s problems are hard to solve, but this one isn’t, especially for a president who loves construction,” Kelman said. Trump was once a real-estate scion, after all.  

So far, in the week since the former president has become the president-elect, demand in the housing world has leaped by one measure: Demand from home-buyers requesting service through Redfin’s site was about 25% higher this weekend than the same weekend last year, the largest year-over-year jump since things started to go south two years ago. “Some buyers are undoubtedly enthusiastic about a Trump economy; others may have been waiting to make major decisions until after the election,” Kelman said. 

Posted in Crisis, Demographics, Economics, National Real Estate | 91 Comments

Florida falls first?

From the NY Post:

Florida’s crumbling home prices haven’t been this bad since 2011

Florida’s sun-soaked southwestern coast, known for its wealthy enclaves and retirement appeal, is grappling with the steepest home price drops in more than a decade. 

From Sarasota’s luxury listings to Punta Gorda’s booming developments, property values have fallen at rates not seen since the post-recession days of 2011. 

Despite rising home prices across most of the US, certain Southeast metros, especially in Florida, are bucking the trend.

Data from the National Association of Realtors (NAR) paints a grim picture. The Punta Gorda area witnessed a 6.5% price drop this past quarter, pulling the median down to $350,000. North Port-Sarasota-Bradenton wasn’t far behind with a 5.8% fall, pushing median prices to $485,000. 

Cape Coral-Fort Myers also recorded a 3.7% dip, adding to earlier declines this year. Economist Lawrence Yun from NAR highlighted a cocktail of challenges pressuring the market, including increased housing supply, skyrocketing insurance premiums and accelerated construction in recent years.

Florida isn’t alone in this reversal. San Antonio, Texas, and Durham, North Carolina — cities that saw their real estate boom with over 20% gains two years ago — are now facing price corrections. 

And while national home prices inched up by 3.1% in the third quarter, with the median hitting $418,700, the pace of growth is slowing, indicating that affordability is still a major concern in many places. 

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 139 Comments

Seller and Buyer Profiles

From the NAR:

Profile of Home Buyers and Sellers 2024

First-time home buyers in the last year shrunk to an historic low of just 24 percent of all buyers. Prior to 2008, the share of first-time buyers had a historical norm of 40 percent. In the last two years, first-time home buyer household income has grown by $26,000. This year’s report shows that the median household income of first-time home buyers was $97,000. Underscoring the hurdles to entering the housing market, first-time home buyers’ median age reached an all-time high of 38 years old. In the 1980s, the typical first-time home buyer was in their late 20s.

The housing market appears bifurcated between repeat home buyers and first-time home buyers. Repeat buyers can enter the housing market with large downpayments (median of 23 percent), and 31 percent paid cash and did not finance their home. This is likely due to the increase in housing equity. If repeat home buyers are financing their home purchase, a larger downpayment helps to offset their mortgage payment due to the higher mortgage interest rate they could have. For repeat buyers, this is the highest downpayment seen since 2003. This year, downpayments also grew for first-time buyers, as they may need to make a more substantial offer among all-cash buyers. The typical downpayment for first-time buyers was nine percent, which is the highest share since 1997.


Repeat buyers also have the highest median age seen in the report’s history of 61. As half of repeat home buyers are over the age of 61, they are driven by the desire to purchase a home to be closer to friends and family at 17 percent. It should be noted that while this is the top reason to purchase a home, neighborhood preferences have also changed. Among all buyers, the quality of the neighborhood (59 percent) and convenience to friends and family (45 percent) are the top neighborhood factors.

Convenience to the home buyer’s job has declined incrementally and is now at 34 percent, down from 38 percent last year and down from 52 percent in 2014.


Overall, 83 percent of buyers were White/Caucasian, up from 81 percent last year. However, among first-time buyers, 36 percent are non-white home buyers. Nine percent of all buyers were born outside the U.S., which is true for 13 percent of first-time home buyers.


Among all home buyers, 62 percent are married couples, 20 percent are single women, and eight percent are single men. Multi-generational living remains popular, with an all-time high of 17 percent of all buyers purchasing a home that will house different generations. The most common reasons are for cost savings, elder care, and young adults moving back. The share of buyers with children under the age of 18 dropped to the lowest level seen at 27 percent of all buyers.

Posted in Demographics, Economics, Employment, National Real Estate | 55 Comments

No Crash?

From Bankrate:

Is the housing market going to crash? What the experts are saying

The U.S. housing market had finally started slowing in late 2022, and home prices seemed poised for a correction. But a strange thing happened on the way to the housing market crash: Home values started rising again. So much for the now-quaint notion that the post-pandemic “housing recession” would reverse some of the outsized price gains in homes.

In another reflection of ongoing increases, the S&P CoreLogic Case-Shiller home price indexfor August was up 4.2 percent from a year earlier, another all-time high. 

Despite prices being high, though, the volume of home sales has plunged, and inventories are still too low to meet demand. Homeowners who locked in 3 percent mortgage rates several years ago are declining to sell — and who can blame them, with current rates more than double that? — so the supply of homes for sale is staying tight. As a result, any correction will be nothing like the utter collapse of property prices during the Great Recession, when some housing markets experienced a 50 percent cratering of values.

“Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal,” NAR chief economist Lawrence Yun said in a November 2024 statement. “Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”

The main driver of record home prices is a one-two punch straight from Econ 101 — a lack of housing supply coupled with strong demand. Inventories have been growing but remain frustratingly tight, with NAR’s September data showing a 4.3-month supply. Not even high mortgage rates have slowed price appreciation. For instance, in October 2023, home values held steady even as mortgage rates soared to 8 percent, their highest level in more than 23 years. 

They have since dipped, but not enough to make a meaningful difference (despite the Fed’s rate cuts). The average rate for a 30-year fixed mortgage in Bankrate’s weekly survey released Nov. 6 was 7.0 percent.

“You’re not going to see house prices decline,” says Rick Arvielo, head of mortgage firm New American Funding. “There’s just not enough inventory.”

Skylar Olsen, chief economist at Zillow, agrees. “We’re not in that space where things are suddenly going to be more affordable,” she says.

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 63 Comments