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U.S. Housing Market at Inflection Point: The 'Old Normal' Will Not Be Part of Recovery, Says New Research From The Urban Land Institute
January 27, 2010As the U.S. economy recovers, emerging trends in demographics and consumer behavior will become major drivers of new housing opportunities, resulting in a residential market vastly different from the one that existed prior to the recession, according to Housing in America: The Next Decade, a new research paper authored by John K. McIlwain, senior resident fellow, Urban Land Institute/J. Ronald Terwilliger Chair for Housing. In a presentation of the research to Urban Land Institute (ULI) trustees during the Institute's Midwinter Meeting in Washington, McIlwain discussed the implications of the rising numbers of foreclosures, re-establishing a private-market residential finance system, as well as shifts in housing demand triggered by baby boomers, their children, and by immigrant households. "The old 'normal' will not return," McIlwain predicted. Those who fail to understand these new trends will find themselves building what is no longer in demand." Full release.