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Why the Housing Market Is Still Stalling the Economy
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In this exceptional report of the housing market in Roanoke, Virgina, Neil Irwin talks to builders, home buyers, renters and young people. San Francisco and Washington D.C. are the exception in housing markets- hundreds of America's midsize cities like Roanoke are seeing smaller rates of household formation leading to a decline in demand for single family homes and fewer homes being built. This accounts for a large part of the smaller growth in U.S. GDP. There are he points out about 2.3 million missing households as a result of a significant change in home buying patterns that is reducing demand for new construction of single family homes. During the period 2001-2006, before the 2008 global financial crisis, the rate of new U.S. household formation was about 1.35 million annually. This dropped to 569,000 in 2007-2013, as the effects of the crisis were felt in a deep recession. One result is more young people are postponing buying a house and living with their parents. Faced with large student debt- the total U.S. student debt passed $1 trillion for the first time recently- purchases of homes are becoming more dfficult. Of 18-34 year olds 27% lived with their parents before 2006, according to Labor Department data. This went up to 31% following the recession. Lack of good jobs is another factor. In 2014 March only 63% of 18-24 year olds had jobs. Even young people older than 24 with jobs felt it necessary to save money by living with their parents. More retirees too are moving into apartments.
Missing households- how the lower rate of household formation leads to a decline in demand for single family homes in the U.S. in 2014-2015
04/24/2014
Grouped Articles
Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
The Global Flight From the Family
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First time home buyers and recovery in the U.S. housing market 2011-2014
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Economic Casualties: 'Missing Households'
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Outlook for Home Prices Grows Darker
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Wall Street Journal 04/25/2014
Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
Home Prices Start Easing, to the Relief of Experts
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The U.S. housing market in 2010-2013
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According to Karl Case its basically flat in 2010 and quite fragile, with a lot of inventory out there. By 2012 the situation had not changed much, except for Washington D.C. with growth in employment, and a small spurt in 2011 in Phoenix from out of state and Canadian buyers. Prices in Las Vegas and other cities continued to decline and there were fears of more homes being released by banks from foreclosed properties in judicial states such as Florida.
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Housing Rebound Grows as Prices Climb Sharply
Wall Street Journal 05/09/2013
The economic performance of cities: Following the sun
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Home Prices Rise, Producing a Buying Mood
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Housing Recovery Increasingly Prices Out First-Time Buyers
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Economic Casualties: 'Missing Households'
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Home Prices Jump, but Headwinds Build
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U.S. housing market in 2010-2011
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Grouped Articles
In struggling housing market, buyers and sellers are out of sync
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Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
U.S. Homeownership Rate Falls to Lowest Level Since Mid-1990s
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Foreclosures and the U.S. housing market in 2012-2013
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Wall Street Journal 05/02/2013
Home Prices Rise, Producing a Buying Mood
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A Toxic Subprime Mortgage Bond's Legacy Lives On
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Outlook for Home Prices Grows Darker
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Wall Street Journal 12/31/2013
Mortgage Troubles Near Prerecession Levels
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The nature of unemployment in this U.S. downturn as men, young people and the less educated are the worst hit groups.
03/11/2009
In this US downturn men are hit harder than women with job losses in manufacturing and construction, the less educated hit hardest, and young people also hit hard.
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New York Times 06/22/2013
Wanted: Jobs for the New 'Lost' Generation
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More Men in Prime Working Ages Don't Have Jobs
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Savings habits of younger Americans after the economic crisis of 2008-2009
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For many the experiences of parents postponing retirement because of low savings, or facing unemployment and foreclosure, are leading to debt reduction and lower credit card use. Younger workers in the U.S. in 2012-2013 are also contributing more to 401 (K) plans. Vanguard says the median annual contribution to 401 (K) and retirement savings accounts is 9%, including a 3% employer contribution. Vanguard says this is too low and is recommending Americans contribute annually 12-15%.
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Why Many Retirees Could Outlive a $1 Million Nest Egg
New York Times 06/08/2013
Suddenly, Retiree Nest Eggs Look More Fragile
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Wanted: Jobs for the New 'Lost' Generation
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Wall Street Journal 03/05/2012
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Decline in demand for new homes- as more young people live with their parents- and the slower growth in the U.S. economy 2012-2015
04/24/2014
Grouped Articles
Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
New York Times 06/07/2014
U.S. Economic Recovery Looks Distant as Growth Stalls
New York Times 06/11/2014
'Secular Stagnation' May Be for Real
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The U.S. housing market in 2014
04/24/2014
Grouped Articles
Wall Street Journal 04/25/2014
Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
U.S. Homeownership Rate Falls to Lowest Level Since Mid-1990s
Wall Street Journal 04/30/2014
More home buyers are bringing all-cash offers to the table - The Washington Post
Washington Post 05/27/2014
Home Prices Start Easing, to the Relief of Experts
New York Times 05/27/2014
Buyers Not Clamoring for New Homes
Wall Street Journal 08/26/2014
The U.S. housing market in 2013
06/23/2010
Grouped Articles
Wall Street Journal 05/02/2013
Housing Rebound Grows as Prices Climb Sharply
Wall Street Journal 05/09/2013
The economic performance of cities: Following the sun
Economist 05/16/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
Housing Recovery Increasingly Prices Out First-Time Buyers
Wall Street Journal 07/22/2013
Economic Casualties: 'Missing Households'
Wall Street Journal 07/22/2013
Prospects for Recovery in the U.S. housing market 2010-2013
06/18/2009
The prospects of recovery in the housing market, regional differences, and the uncertainty arising from changes that are occurring in the American economy. The changes range from consumer frugality, lower levels of consumer spending, aging of the population, and uncertainty about economic growth.
Grouped Articles
Wall Street Journal 05/02/2013
The economic performance of cities: Following the sun
Economist 05/16/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
Housing Recovery Increasingly Prices Out First-Time Buyers
Wall Street Journal 07/22/2013
Economic Casualties: 'Missing Households'
Wall Street Journal 07/22/2013
Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
Lost generation. High jobless rate for younger workers in the U.S.
01/08/2011
Grouped Articles
Germany Works to Curb European Youth Unemployment
New York Times 05/22/2013
Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
New York Times 06/07/2014
Young Americans: Left out in the rain
Economist 01/08/2011
Comparative Advantage and American Jobs
Wall Street Journal 01/26/2011
New York Times 05/05/2011
Returning young veterans 20-24 and the poor job market in the U.S.
12/17/2011
Soldiers returning from the war face the added hurdle of a high unemployment rate of about 30% for veterans in the 20-24 age group, which is much higher than the rate for that age group in the general population.
Grouped Articles
New York Times 06/22/2013
Wanted: Jobs for the New 'Lost' Generation
Wall Street Journal 09/14/2013
More Men in Prime Working Ages Don't Have Jobs
Wall Street Journal 02/06/2014
Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
New York Times 06/07/2014
For Youngest Veterans, the Bleakest of Job Prospects
New York Times 12/17/2011
Post 2008 crisis hiring of college graduates
05/21/2011
Unemployment for college graduates and young people in the U.S. in 2009-2012 following the financial crisis of 2008.
Grouped Articles
New York Times 06/22/2013
Frayed Prospects, Despite a Degree
New York Times 07/19/2013
Wanted: Jobs for the New 'Lost' Generation
Wall Street Journal 09/14/2013
Why the Housing Market Is Still Stalling the Economy
New York Times 04/24/2014
New York Times 06/07/2014
Private Sector Lifts Grads' Job Outlook
Wall Street Journal 05/21/2011
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