Skip to comments.The Death of the McMansion-When housing market returns, we'll want smaller homes closer together
Posted on 05/30/2011 9:29:40 PM PDT by 2ndDivisionVet
The U.S. housing market is going through an adjustment of historic proportions. Before 2006, when the housing slump commenced, American home builders regularly built as many as 2 million new houses annually, rarely less than a million. This amount was needed to keep up with new household formation, immigration, homeowners moving up, and replacement due to obsolescence. Since then the number of new houses built has dropped drasticallythe seasonally adjusted annual figure announced by the federal government in February 2011 was about 400,000! What's going on?
The recession, obviously. High unemployment and unease about the economy have made potential first-time homebuyers leery of entering the market, and many have decided to wait on the side lines. Although house prices have fallen, few are convinced that they have bottomed, and no one wants to buy a house and see its price decline. The large number of foreclosed (or about to be foreclosed) houses on the market, which account for no less than four out of 10 sales of existing homes, likewise dampens demand for new houses. And those willing to take the plunge discover that, despite low interest rates, lenders who were burned by the subprime mess now require large down payments. The other chief cause for weak demand is a slowdown in household formationthe U.S. Census reports that the rate of household formation is currently lower than at any time since 1947, as people put off getting married and starting a family. According to my colleague, real estate economist Peter Linneman, the marginal household size, which has historically hovered around two or three, shot up to more than six in 2009 and 2010, the result of doubling-up and moving in with relatives.
Common wisdom is that eventually the housing market will stabilize.....
(Excerpt) Read more at slate.com ...
“When housing market returns, we’ll want smaller homes closer together”
That asshole must have a mouse in his pocket, he sure doesn’t speak for me!
I don’t know who they have been talking too, but it sure ain’t most red-blooded Americans.
Seems more like wishful thinking on the part of left-wing idiots than anything else.
Just as it was in their beloved Soviet Union.
I have a 3,000 sq ft, 2 bathroom, five bedroom farm house with a dining room, living room, family room, kitchen, nursery, laundry room, utility room, and a sun room on 2 acres with a 2,500-3,000 sq ft barn and a smaller barn with a small vineyard and a fruit orchard. It’s just me and I spend more time at my girlfriends house. I was thinking clearly when I bought it.
I like a big house on a big lot. I like more room than I “need”. I like fast cars and fast boats. I like good cigars and good wine. I don’t care if other people don’t like what I like.
Anyone would recognize me as an American.
I’ve never heard of property tax rates based on your floor covering.
wasn’t thinking clearly I meant.
One reason city planners like more houses per acre is the increase in tax revenues.
BINGO! We have a winner here!! ;-D.
Have a look at THE ICLEI MEMBER LIST. If your community is one of these dues paying members, you are paying for the loss of your unalienable rights.
I think that's a long way off. For the most part, the McMansion houses are boxy, ugly and cheaply built. Retiring baby boomers on fixed incomes don't want to live in a house like that. People are downsizing, but personally, I still like to have some space. And some of the deed restrictions they have in these "master planned" communities are just plain silly.
Exactly. The commies won't be happy until we call ourselves USSR.
Exactly. It's their wet dream. But why stop at little homes ? Why not put us all in Soviet style high rise apartment buildings placed conveniently near train stations ?
I’d rather live in a 1910 bungalow on a half-acre lot.
Uh, your crime in Ohio Major cities is substantially higer per capita than LA and other majors cities .
Cincinnati and Los Angeles Comparative Crime Ratios per 100,000 People Latest 2006 Crimes per 100,000 People:
|Cincinnati, OH||Los Angeles, CA||National|
Make that 30 million and ONE And I will be thrilled beyond words
I think mathematically everyone will fit in Texas on an acre of land. I’d have to review the numbers again too. It blows people’s minds, they still won’t believe it.
No, I want ROOM in my house and SPACE between me and my neighbors!
I vote yours the best post of 2011!
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