•Assuming there is a recovery, it will start slightly sooner in Pennsylvania (Q2 of 2013) compared to the rest of these United States (Q3 of 2014). Nonetheless, people living in Erie will still think Tom Ridge is governor.
•But even if the economy does recover, you can pretty much forget about living in your own house. The recovery “will be led” by a boom in multifamily rental housing, Jackson said. And tenements aren’t nearly as quaint in real life as they are on The Hallmark Channel.
Here’s Bill McBride’s graph of multi-family starts and completions. Completions are at a record low, even as starts are increasing. Vacancies are falling, and soon enough the demand is going to outstrip the available supply.