One reason for weakness: many young people, saddled with student loan debt, elevated unemployment and less-than-perfect credit scores, are staying out of the market. — NPR
New research from Harvard's Joint Center for Housing Studies, focuses in on the role of millennial generation in driving demand and shaping recovery.
As Gregory Walker noted recently, in broad terms, looking at US economy, it is clear we're not really 'there' yet. Remember, the last reported ABI reverted into negative territory. This despite the fact that "Architecture firms with a residential specialization continued to report extremely strong billings in May".
Back in April, Neil Irwin of the NYT, dug into the numbers, for what is holding housing back. Though there was an initial post-recession glut, demand is now the issue. If only, because much of the demand that is there now, is for rental multifamily properties. This shift to non-single family homes, by millennials is he argues generating "less spillover benefits for the broader economy".