Today, I hosted a keynote discussion on economics in Washington DC to over 600 people. All in the housing industry in some way. Great panel: Beth Ann Bovino, Chief U.S. Economist at Standard & Poors; Jonathan Smoke, Chief Economist at Realtor; Mike Fratantoni, Chief Economist at the MBA; and Dr. Raphael Bostic, Professor at the USC Sol Price School of Public Policy. For me, the most stunning moment was the start of the panel. I asked everyone in attendance a simple question: How many of you think that the U.S. housing market is on strong footing? I asked twice. First time, nobody raised their hands. Second time: ten people. Ten out of 600. If youre in the mortgage or real estate business, understand this: the crisis may be over, the economy may be recovering (sluggishly), home prices jumped double digits last year -- but most arent convinced housing has recovered. Perception = reality, remember that.
Posted on: Tue, 16 Sep 2014 19:14:04 +0000
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