Seven years after the housing market collapse, the housing market continued a lopsided recovery in 2015.
Overall, the housing market was stalled by a combination of meddling from the federal government and the continued weaknesses in the broader economy and labor market.
Those select housing markets showing strength did so mostly in terms of house price growth, a trend that surely benefits current homeowners (with increased equity) while constraining those looking to buy a home, especially those entering the market as first-time home buyers.
Indeed, the first-time purchase segment of the market continues to remain weak, especially for those under the age of 35 years. The homeownership rate for the less than 35 age group reached a 22-year low in the beginning of 2015, and the overall homeownership rate (all households) reached its lowest level since 1967.
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