<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div dir="auto" style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: "Helvetica Neue"; color: rgb(34, 34, 34); background-color: rgb(255, 255, 255);" class=""><span style="font-kerning: none" class="">The Wall Street Journal Nov 22, 2019</span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: "Helvetica Neue"; color: rgb(34, 34, 34); background-color: rgb(255, 255, 255);" class=""><span style="font-kerning: none" class=""><b class="">OK Boomer. Who’s Going to Buy Your 21 Million Homes?</b></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: "Helvetica Neue"; color: rgb(34, 34, 34);" class=""><span style="font-kerning: none; background-color: #ffffff" class="">By Laura Kusisto<span style="font-kerning: none; color: #003366" class=""><b class=""><a href="http://online.wsj.com/home-page" class=""> </a></b></span></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; font-family: "Helvetica Neue"; color: rgb(34, 34, 34);" class=""><span style="font-kerning: none; background-color: #ffffff" class=""><span style="font-kerning: none; color: #003366" class=""><a href="https://www.wsj.com/articles/ok-boomer-whos-going-to-buy-your-21-million-homes-11574485201" class="">https://www.wsj.com/articles/ok-boomer-whos-going-to-buy-your-21-million-homes-11574485201</a></span></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34); background-color: rgb(255, 255, 255);" class=""><span style="font-kerning: none" class=""><b class="">Excerpt : </b>More than a third of Sun City’s homes are expected to turn over by 2027 as seniors die, move in with their children or migrate to assisted living facilities, according to Zillow. <a href="https://www.zillow.com/research/?p=24933&mod=article_inline" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(0, 51, 102);" class="">Nearly two thirds of the homes will turn over by 2037</span></a>.</span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34);" class=""><span style="-webkit-font-kerning: none;" class=""><span style="background-color: rgb(255, 251, 0);" class="">The big question</span><span style="background-color: rgb(255, 255, 255);" class=""> looming in this neighborhood — and dozens of others like it in the </span><a href="https://www.foxnews.com/category/us/us-regions/southeast" style="background-color: rgb(255, 255, 255);" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(0, 51, 102);" class="">Southeast</span></a><span style="background-color: rgb(255, 255, 255);" class=""> and </span><a href="https://www.foxnews.com/category/us/us-regions/midwest" style="background-color: rgb(255, 255, 255);" class=""><span style="font-stretch: normal; line-height: normal; -webkit-font-kerning: none; color: rgb(0, 51, 102);" class="">Rust Belt</span></a><span style="background-color: rgb(255, 255, 255);" class=""> — </span><span style="background-color: rgb(255, 251, 0);" class="">is what happens to everything from home prices to the local economy </span><span style="background-color: rgb(255, 255, 255);" class="">when so many homes post ‘For Sale’ signs around the same time?</span></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34);" class=""><span style="-webkit-font-kerning: none;" class=""><span style="background-color: rgb(255, 251, 0);" class="">The U.S. is at the beginning of a tidal wave of homes hitting the market</span><span style="background-color: rgb(255, 255, 255);" class=""> on the scale of the housing bubble in the mid-2000s. This time it won’t be driven by overbuilding, easy credit or irrational exuberance, but by an inevitable fact of life: the passing of the baby boomer generation.</span></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34); background-color: rgb(255, 255, 255);" class=""><span style="font-kerning: none" class="">One in eight owner-occupied homes in the U.S., or roughly nine million residences, are set to hit the market from 2017 through 2027 as the baby boomers start to die in larger numbers, according to an analysis by Issi Romem conducted while he was a senior director of housing and urban economics at Zillow. That is up from roughly 7 million homes in the prior decade.</span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(34, 34, 34);" class=""><span style="font-kerning: none; background-color: #ffffff" class="">By 2037, one quarter of the U.S. for-sale housing stock, or roughly 21 million homes will be vacated by seniors. </span><span style="-webkit-font-kerning: none; background-color: rgb(255, 251, 0);" class="">That is more than twice the number of new properties built during a 10-year period that spanned the last housing bubble.</span></div><div class=""><span style="font-kerning: none; background-color: #ffffff" class=""><br class=""></span></div><div class="">
<div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">\<span style="background-color: rgb(255, 38, 0);" class="">————————————</span></div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">“Booms have consequences.”</div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><br class=""></div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Grant, James. Money of the Mind : Borrowing and Lending in America from the Civil War to Michael Milken. Farrar Straus Giroux. 1992</div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><span style="background-color: rgb(255, 38, 0);" class=""><br class=""></span></div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><span style="background-color: rgb(255, 38, 0);" class="">\——————---------------------------------------------------------------------——</span></div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">“It is no coincidence that the deepest and most protracted recessions in recent decades have taken hold in countries that experienced booms …” </div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><br class=""></div><div style="color: rgb(0, 0, 0); font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">The Economist, July, 2001 </div></div></div></div></div></div>
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