NAHB CEO gives grim assessment of housing market: 'We've given birth to a housing recession'
Jerry Howard warns housing is weakening in virtually every market, but says 'good policy' is the 'cure'
NAHB CEO Jerry Howard evaluates the decline of the housing market and if the recession could devolve into a housing depression on 'Varney & Co.'
National Association of Home Builders CEO Jerry Howard warned the housing market will continue to decline and is likely to "stay at bottom" until the midterm elections, telling "Varney & Co." Monday that policymakers could cure the current housing recession.
JERRY HOWARD: It’s a real bad time. Nine straight months down, we’ve given birth to a housing recession. This recession could be cured by policymakers, so I expect we’ll stay at the bottom, and maybe go a little lower, right up until we see the outcome of the midterm elections - because policy is what can get us out of this.
REDFIN PREDICTS SHARPEST TURN IN HOUSING MARKET SINCE 2008 CRASH
I think you’re seeing a weakening in virtually every market but those that were stronger are weakening less. I guess the most important thing that investors and people need to remember is that Americans still want to own their homes and that, as soon as the conditions turn a little more favorable, housing will pick up. That will pick up the whole economy.
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NAHB CEO Jerry Howard assesses the housing slowdown after homebuilder sentiment fell for the ninth straight month on 'Varney & Co.'