Dwindling Sprawl: The End is Near for Suburbia
In a summary of Mr. Phillips' 30-minute speech at the National Association of Real Estate Editors annual conference, The Wall Street Journal blogger Kris Hudson writes:
"People increasingly are moving back toward the center of cities and into apartments and condominium complexes. The trend is driven by rising transportation and energy costs; fewer people living in the average U.S. household; fewer people willing and able to afford a big, suburban house; and more focus on transportation planning, including mass transit system."
Mr. Phillips emphatically asserts, "The hottest real estate sector in the country right now is apartments."