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The housing market is doomed.
Remember, the biggest generation of the USA population (total people) is the baby boomers.
78.2 million
Estimated number of baby boomers, as of July 1, 2005. <http://www.census.gov/popest/national/>
57.8 million
Number of baby boomers living in 2030, according to projections; 54.9 percent would be female. That year, boomers would be between ages 66 and 84. <http://www.census.gov/ipc/www/usinterimproj/>
In the next 20 years approx 20 million boomers will die.
That is a large chunk of home owners. When Grandma and Grandpa die in Florida (in Sarasota Florida they call the ambulance sirens "The Sarasota Symphony" lol) what will happen?
Their houses will go to the kids right? Well the kids won't be able to afford to pay the taxes, so they will either
1. Move into Grandma's house in Florida, and attempt to sell their current home in Jersey
or
2. Try to sell Grandma's house (Good Luck).
Real Estate is not getting any better. There will be so many retirement homes for sale... that ripple effect will be huge.
Then the other 57.8 million that are left in 2030 will start dropping like flies, worsening the situation.
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