- The economy cannot recover without housing.
- Everyone needs shelter, but not everyone needs to own their shelter.
- High homeownership rates are important but they must be sustainable.
- Home prices go up and go DOWN.
- The process of purchasing /financing a home is more complicated.
- Sound underwriting of mortgages is critical.
- Home equity should not be used for ordinary living expenses.
- Financial reserves for family, companies, and countries are necessary.
- Homeowners' confidence in the economy is directly related to the value of their own homes.
- The economy is global.
Thursday, August 2, 2012
10 Lessons We Learned From the Housing Slump
There are seasons in the weather: spring, summer, fall and winter. So there are in economic cycles. It is great to be at the thaw of winter and the budding of spring!
by Ron Phipps, 2012 Immediate Past President, NAR