STEALING FROM THE FUTURE is a sub-title from the article "Another Reason For Those Empty Houses" in Businessweek about the current "Real Estate Crisis".
Stealing from the future? But I always heard that the future is now. And since the future is now and we are apparently stealing the future, does that mean that we are stealing the present? Who controls the present controls the future, so the thieves have the present and the future... No wonder I live in the past...
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"Now it's payback time. It is likely to take two to three years, by various estimates, for the excess supply to be soaked up. The boom stole sales from the future as people bought houses earlier than they might have a few years ago, says Dowell Myers, a professor of urban planning and demography in the School of Policy, Planning, and Development at the University of Southern California. Says Myers: "The pressure has to rebuild from people who have crossed critical life thresholds and need a home." He estimates it will take about three years for house purchases to get back up to the demographic trend line."
It means that future home sales will be slower than anticipated because so many bought homes at a younger age than has been typical in the past. Those are home sales that won't happen in the future because those buyers have already bought.
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