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Realogy Chairman and CEO Richard Smith on why the housing market is improving despite the Administration’s housing policies.
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After years.
Here to talk about these positive signs for the housing market Richard Smith chairman CEO president of religion the parent company of many prestigious real estate brands including.
Coldwell Banker century -- one suffer -- Richard also a member of the bipartisan policy senators housing commission.
Now they're working to produce national housing policy that works for the country.
And thank you for doing that Richard district to see here I think my pleasure out of -- -- these numbers the sales vs permits.
Not quite the same direction.
Were we had.
-- it -- with respect to new construction don't worry about that temporary blip on the screen a -- not the issue look at the trend the trend lines very positive.
These the same exist for existing homes in fact.
February existing homes are up almost 14% year over year with this is that.
First time in a very long time that we've seen starts permits and existing home sales moving in the same direction and I get excited yet about a recovery in the housing market.
Well and fourth quarter last year we said we just wanna alleluia chorus southern Colorado according -- we we we thought we were gonna bottom monuments and we were right -- assessment that.
-- -- price would still be under pressure.
But we're very encouraged.
With the recent activity we've got a long ways to go and we were about whether this is sustainable.
But it looks for the first time a long time very encouraging.
Government is still in the deal.
Freddie Mac Fannie -- are doing their thing.
To the -- of tens of billions of dollars -- 180 billion and for the -- federal taxpayer.
What are we going to see.
A lot of calls to get government out is that any event does that make sense is that practicable.
It's an election year or so nothing's gonna happen this year but eventually all of -- have to be solved the GSE reform Fannie Freddie is in desperate need of reform.
You have Dodd-Frank weighing heavily on housing and that will continue to be the case until his resolution of a number of issues under Dodd-Frank.
But what's amazing about this -- housing is starting to improve in spite.
Of these a straight up.
And in spite.
The lack of -- national housing policy so set that aside.
It means -- to tell me that that free enterprise capitalist markets actually.
Work actually work flow that actually works there where it's very now gonna get now we're gonna hear that holier corps there -- close is very encouraging very effort.
Give us your sense of -- of the future here that this administration has got business scared to death.
Whether it's regulation whether it's housing policy whether or whatever it may be when it comes to economic policy.
Do you have a favorite among the Republicans.
Do you want a Republican or do you wanna -- -- that's great question I wanna see someone to talk religions you wish I wish I had asked.
What I'm not not not -- -- not we've we we believe in anyone who'll support housing what's interest -- about this year.
Is that either way housing is going to do quite well because they're both gonna claim.
That they support to housing and no continued sport house took -- -- -- -- a moment what we didn't need to certainty and policy.
The the uncertain tax environment is weighing heavily on the economy.
The uncertain regulatory environment is weighing heavily on housing and every aspect of the US economy so when we get certainty that's what I want I want an administration.
Who understands the importance of that with respect the business world.
And the impact that -- have on the US economy will be astounding if they'll just pay attention to getting it right the first time as opposed to playing this political -- -- -- thank you for being here.
