US housing market's new dominant force: Baby boomers who won't sell

Boston

JAKE Yanoviak is hunting for houses. On a weekday afternoon in North Philadelphia, the 23-year-old painter cruises along on his bike, its black paint obscured under stickers from breweries and rock bands. He turns onto a side street, where he spots a few elderly neighbours, standing on adjoining porches. He parks, leans on one handlebar and makes his pitch.

"Anybody on the block considering selling?" Mr Yanoviak asks gently. "I'm not a developer, I'm not interested in renting to students. I'm just a kid trying to buy a house, fix it up and live in it."