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More on housing in this economy in the world war and politics is Richard Smith CEO of -- -- parent to many of the prestigious rules state brands in this country Coldwell Banker century trying to one Sotheby's among them.
Richard also recently appointed to the bipartisan policy senators newly formed housing commission.
Group of folks trying to produce some national housing policy.
Despite I might say this is only my opinion some considerable political headwinds great to have you here thank congratulations on the appointment.
-- let's start first with the disappointment.
But not completely unexpected disappointment on housing starts your assessment.
Now -- worry about the month over month trend worry about the year over year gain.
Your your rear it's -- point 5% and in fact for twelve.
The builders are forecasting about a 17% increase in starts and about a 17%.
Year over year increase -- -- That's what we should focus on not the rear view mirror but well what do looks like going sports on encouraged.
By the year over year -- -- And tomorrow we're gonna get speaking going forward -- move -- 24 hours ahead what are you expect -- and existing home sales.
Are we going to -- encourage disappointed what your best guess.
Well I distinctly recall on October resource you call the tipping point and you're right we also said that unit sales would be.
Price would continue to be under pressure.
But that's a natural correction cycle you -- demand.
Price will follow now this will be a bit complicated Biden did distressed properties sell scenarios away.
And some markets heavily on price but that's.
Both -- the national association -- and Fannie mayor forecasting.
Three to 5% year over -- -- that's that's a very important point right.
And so they're always wrong so I think that I'm going to be I think -- be wrong on the plus side not the negative side -- enterprise space they think will continue to be under pressure down to up to.
So somewhere in the know we also think price will be under pressure for about a year or so.
And then price will follow demand.
So is -- -- Richard Smith and a lot of folks out there trying to understand both as investors as Wallace homeowners.
Those seeking to realize value from they're really Serb holdings.
Twelve -- Remains a very tough year but we see recovery next.
It's -- coming -- it's that we're off a low base so keep that perspective we are improving and we have to start somewhere so I'm I'm encouraged by the trend line and twelve.
I'm even more encouraged by the prospects and thirteen.
This is an election year so not much is gonna happen from a policy standpoint but that's good because hopefully they'll do no harm.
The bipartisan commission on housing mature and you're now a member of how quickly can you have a work product that can move its way to policy -- into the market.
We've already done our work we started our work we began in December we're moving aggressively we would like ideally to have something in someone's hand.
-- whoever that may be.
In about thirteen months and we'll do some incremental work and report on -- periodically so we hope to see some work product within the first quarter.
I don't wanna be -- flashing her but I fear that sounds a little on February 2013.
It could very well -- are with a new president or -- president.
With a I renewal if you will yes sir.
Richard Smith has always good to have you with speculation began -- touch.
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