Thursday, December 2, 2010

What Boomers Are Leaving to the "Screwed Generation"

This was on Yahoo this morning, and it paints a pretty scary picture.
I don't like to consider myself a boomer, I was born in the last year of the boomers and I have never reaped the things that those born early have. Yet then I have not bought into the materialism of that generation. After working labour jobs for 11 years and then returning to college I saw how messed up the world was and for a while I didn't even really wan to participate, but then the baby bug hit and well now I have a child and I worry, "What will her future be?" It's scary. Today on yahoo is a very interesting article and I suggest you read it as it affects us all. I have included on important paragraph in relation to housing...a crisis I am facing right a single mom, we can barely rent, let alone even think of owning a home (unless we win a lottery)
Anyways have a read..

A capital idea. But what happens when millions of boomers all start selling off their homes to the far smaller and less wealthy generations working their way up the food chain? The baby boom generation who “have driven up housing demand and prices for three decades” could have the opposite effect once their mass sell-off commences, Dowell Myers, a University of Southern California demographer, wrote in a 2008 examination of the “generational housing bubble.” Crunching the numbers state by state, he concluded that the current subprime-inspired meltdown may well pale in comparison to what lies ahead: lots and lots of sellers, far fewer buyers, and a two-decade long slump. “Whereas the major housing problem was once affordability, it could now be homeowners’ dashed expectations after lifelong investment in home equity.” The study won a prize from the American Planning Association. Follow the link above to read the rest of this article.

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