I have mentioned many times about New Home Sales and the population issue, and how Sales do not match population. Here is a graph that I found perfectly illustrating my point.
People discuss a recovery occurring, but this really shows the "depth" of any recovery. With interest rates at the lowest point in history, this is "all" we get? Add in the lack of home affordability, artificial increase in values due to lack of inventory and increasing living expenses with income declines, there is no way that a real "organic" recovery can occur.