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As stated in The State of the Nation's L, ire 2009, an in-depth overview of trends in the <br />national housing markets published annually by the Harvard University Joint Center for <br />Housing Studies: <br />Andrew Grove, cofounder of Intel, wrote in the preface of his 1999 book Onl.Y the <br />Paranoid SLjrvive, Sooner or later, something fundamental in your business world will <br />change." He continued: <br />[Sltrate_ql'c inflection pol nts do not alwa.ys lead to disaster. When the wa.y bLjsl'ness / s <br />bel'n_q condLicted chary _qes, It creates opportLin Itles for pla.yers who are adept at operat- <br />n _q ire the new way. This can apply to newcorners or to incLirnbents, for whore a strate_ql'C <br />ire flection point rna.y rnean an opportLjnl't.Y for a new period of _qrowth. <br />The housing markets in the United States are at such an inflection point and will not be <br />returning to the old ""normal." In the years ahead, a fundamentally new normal" will <br />emerge, based on the trends and drivers discussed below. <br />The four major demographic waves in the United States to watch are: <br />* <br />The aging baby boomers, the oldest of whom are now in their mid.-60s. <br />* <br />The younger baby boomers in their late 40s and early 50s. <br />IR <br />