Mish, Given that more millennials are staying at home (which implies lower demand), how come home prices seem to be going up unabated? Who are the likely buyers, should be in droves given the impact on prices?
Mike Mish Shedlock
Those who can get a mortgage still buy. There is not a shortage of houses, there is a shortage of houses at prices people can afford. There are enough people on the edge (marginal buyers) willing to pay the price