In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why today’s housing market is unlike the housing market that preceded the Great Recession and why we’re unlikely to see a housing market crash anytime soon.
“The housing sector entered this recession under built, not over built, like last time in 2009, while housing demand has outstripped supply. In fact, in 2019, the last full year in which we had comprehensive data, over 1.3 million new households were formed, while only 923,000 new housing units were produced. That's a shortage of almost half a million housing units. Prior to 2009, the opposite was true, housing supply was significantly outpacing demand. The supply and demand imbalance is one of the other reasons for the rapid house price appreciation today.” – Mark Fleming, chief economist at First American
CLICK HERE to hear this episode of the REconomy Podcast!
