Markets Even Out Over the Long Term
A recent article by Lawrence Yin, the cheif economist of NAR (National Assn Realtors) caught my attention. I really never thought about it and I assume most of the readers of this blog didnt either but in any given year, there are 4 million new births, 2 million deaths, and one million new immigrants for a net gain of 3 million new American residents. This also means that historically the net gain of "new households" is about 1 million new households a year. Adding to this, there are approximately 2 million marriages anually and 1 million divorces, and all of this adds to changes in living patterns.
Furthermore according to Yin, homeowners look for a new place to live every 7-10 years on average and as a result over the next 10 years we can expect anywhere from 50 million to 70 million home sales ! Wow !!
