re: Drudge linked, Economist on housing bubble: We never left the bubble, its bubble inception

quote:

---

There will be some differences regionally, though. The new tax code will absolutely push anyone close enough to retirement out of NY/NJ/MA down to Florida sooner rather than later because of the lack of state taxes and lower property taxes.

---

Related to this, but broader in scope.

The baby boomers have been working through America on their life cycle like a carcass of some sort passing through a python since '45.

They are hanging around the workplace longer than any previous generation for a number of reasons, but they are not going to defy time forever.

No matter what, I personally have been expecting at least a decade long negative pressure on housing prices as baby boomers are compelled to sell for a number of reasons (they just want to, moving to Florida or Arizona, having to go to assisted living).

We haven't seen it yet, but I really can't imagine how it can't happen.

Some people pointed out that immigration and foreign buyers push things in the opposite direction, at least in some areas.

But there were a crapload of baby boomers.

Anyway some things take on the order of years and decades to play out. But from where I sit, I'm kind of puzzled we haven't seen it yet.