As any first-year economics student can tell you, when the U.S. is producing 1.45 million new annual households and starting only about 600,000 new homes, eventually things get out of sync and more new-home activity will soon follow. While picking a date to declare the bottom of the current housing cycle is a fool's game, it's fair to say that in the not-too-distant future, new-home activity is going to increase substantially. The question is, to whom go the spoils as the market begins to expand?
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