Trulia Pushes The Panic Button As Young Adults Refuse To Move Out Of Parents’ Basements, Get Jobs
By Tyler Durden
Well over a year ago, we first suggested that the conventional wisdom thesis for the bounce in home prices – namely a spurt in household formation – was dead wrong. Sure enough, as has been confirmed empirically, the only reason for the latest dead cat bounce in home prices has been the Fed, and banks complicit in engaging in “foreclosure stuffing.” And while it was easy to deflect the topic of just what is driving the housing market (because none of the bulls would want to admit it is just another credit and liquidity-driven bubble) for over a year, with the traditional l soon“”things will be back to normal” fall back used every time, as time passed and none of the traditional ingredients for a housing recovery fell into place, some started scratching their heads. This came to a boiling point today, when real-estate firm Trulia, looking at the latest Census Bureau data on household formation, finally threw in the towel and rang the panic button as not only have young Americans set anchor in their parents’ basement, but even refuse to get a job.