With no major industry, population is shrinking to the point of nothingness.

But, it is cyclical, it is a shrinking business, especially on the residential side.

The pie is shrinking. 

Rents are strong and vacancy low.The obvious concern for these markets is that the lack of population growth may worsen and actually begin shrinking.  

Therefore, the pending supply is shrinking more from 1.98 months supply to 1.75 months supply in the last 12 days.  

No need to shrink the space

Pockets of explosive growth are shrinking and rehab margin across the board feel tighter.

The bank will do this in a downturn because their collateral value is shrinking.

Increase in Real Estate investors going after a shrinking REO market. 

Few things are happening in 2018 which could impact:1) Fed will raise interest rates2) Fed will shrink its balance significantly 3) Lots of big retailer debt is coming due in 2018 and that will likely trigger bankruptcies and employment loss 4) Can the stock market grow?