With a strengthening dollar and slowing economies in China, Europe, and many other countries around the globe, numerous negative macro-factors endangering a robust housing recovery exist.

November 2015's housing data was positive with the exception of existing house sales (-3.8% Y/Y). The volatile multi family sector remains strong (+21.3% Y/Y; ≈35% of all starts) with rents rising.Housing prices are increasing steadily as inventories are low (4.6 months supply for SF, 4.8 months for existing homes). Yet, fewer houses are bought by first time buyers (≈32% now vs. ≈40% historically) due to a variety of reasons. Without the return of these first time buyers, it's hard to envision a return of the housing market to "normal."