Did You Know?
Freddie Mac analysts say millions of senior citizens are staying in their homes longer than their predecessors in earlier generations, keeping homes off the market and making it more difficult for younger Americans to break into ownership. 1.1 million homes have been "held off the market" by owners born between 1931 and 1941, and another 300,000 by those born between 1942 and 1947. Another 250,000 homes are still being occupied by their baby boomer owners – those born between 1948 and 1958. According to their calculations, there is an overall shortfall of 2.5 million housing units across the USA. (Marketwatch)
Ikea will start leasing furniture as it moves to develop "scalable subscription services" to prolong the life of its products. IKEA is opening smaller stores in downtown areas and working to improve customers' delivery and online sales experiences. It plans to open its first smaller, "city center" store in Manhattan this spring. (Financial Times)
Residential construction spending was up 3.4% during the month, and was 0.6% higher for the year. That’s good news for the supply-starved housing sector. In November, overall private-sector spending was 1.3% higher for the month, edging out a 0.9% decline in public-sector spending. (Marketwatch)