CNBC - Single family home sales up, apartments down

On CNBC recently, Susan Wachter, professor of real estate and finance
at the University of Pennsylvanias Wharton School of Business, Diana
Olick of CNBC, and Mark Zandi, chief economist and co-founder of
moodyseconomy.com, discussed the current housing market. With current
housing statistics indicating that apartment sales are down and single
family home sales are up, Diana Olick says the reason for low
apartment sales is due to owners and developers having trouble
financing loans to build buildings and because apartment buyers are
simply not out there. In fact, she says many condo buildings are going
back to being apartment rental units, leaving an even larger excess of
supply. And while the housing industry has led the country out of
previous recessions, Wachter does not believe this will be the case
this time around. While we are seeing a slowing of the decline, a
complete economic turnaround is unlikely and these statistics will be
a lagging indicator of recovery, Wachter said.

Category:

News & Politics

Tags:

• The Real Deal
• CNBC
• Susan Wachter
• Diana Olick
• Mark Zandi
• housing statistic
• real estate