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Realogy CEO Richard Smith on the regulations and uncertainties that are holding back a recovery of the housing market.
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Joining me now is Richard Smith CEO really do the parent company many prestigious brands including Coldwell Banker century tornado on Sotheby's.
And a lot of Brothers.
Good to have you with -- Richard thanks for.
This housing market.
It is just a sect.
By forces that seem to be conspiring against it whether it's the federal government in the form of the congress the administration regulators you name it and a market.
That cannot a week what what's going on well in spite of those very significant headwinds the starting to settle in to I think Kate and bottom if you -- If you'll -- unit sales of not really moved alliance between four point nine to five million units and if that's the base.
We think it is we're -- -- base that is achieved I think that the in the near term.
But but at very depressed levels -- in this very fragile so you're you're right who we have a lot of headwinds are still there most of it coming from our friendly US government.
But but the good news is it's been incredibly resilient in spite of all that in you have a market that's adjusting to the to the landscape.
You were calling for White House summit on house.
Which makes all the sense in the world for me.
Into lots of other folks with in my written in my talk.
-- the White House summit.
We know why we asked for that we asked for a White -- -- because we need leadership on national housing policy there isn't one I mean everything's up in the -- of the TSE's Fannie Freddie Europe and there.
The mortgage industries up in the air of the Dodd-Frank is up in -- -- there's.
There are there weren't getting the decisions out of the White House -- out of the administration.
That's that are necessary to revive housing so.
-- so we called for some leadership from the White House and and did you even get a response there's no response but -- not even know we're not interest didn't know it's a bad idea because of this no response at all the response we've heard through the -- was that wasn't gonna happen but here's the here is goodness.
Members of congress.
Understand.
How difficult the situation -- in.
So they're calling for committee hearings they're bringing people to to to to congress to speak to the issues.
And to broaden the issues so that at the White House the administration pay attention.
And is everybody willing to say right now Dodd-Frank as a joke and needs to be shut -- I would be the first to call for the repealed the certain provisions that Dodd-Frank but they're not area.
I believe firmly that there is a role for regulation in our markets and that they integrity in the security of those markets is part of the reason there's a premium in our markets.
In in days in better days and they.
That they idea that Dodd-Frank Ritchie is on its face that.
It's unworkable it is silly and so many respects and ineffective and others why can't business leaders.
Just say what.
We can't stop this now.
Stop it.
Now well it called for public comment they literally received thousands and thousands of complaints on about Dodd-Frank with constructive feedback as to how to revise Dodd-Frank -- there's been.
Been no response -- yet what we do know is that this is an election here and most of these issues will be kicked down the road.
As far as you can possibly -- come down the road so I think Dodd-Frank as onerous that is as that is.
Will be something that will be dealt with by the next administration.
You know when these folks in Washington -- things down the road 125 million Americans unemployed underemployed or given up being finding employment.
It's their life.
That is that pain that suffering and that deprivation.
Continues for a year and and these guys are acting like it's just a political issue in this president says He -- wanna play politics.
And who are they who do they think it can.
Well not -- the industry industry is found work around so we're trying to deal with all these issues in spite.
By the lack of direction from the administration from the White House but the good news is this is all coming to the forefront at some point.
They're gonna have to deal with this industries made it very -- these -- necessary decisions and congress by the way.
-- also taken a position it's time to make decisions.
Richard Smith religion thanks for being here -- --
