First American Chief Economist Mark Fleming was interviewed by Gary Acosta, co-founder and CEO of the National Association of Hispanic Real Estate Professionals, last week and discussed his perspective on the state of the housing market amid the pandemic and why the housing market may be better positioned than many believe.
“The housing sector stands to be in a much safer position to basically get through this contraction. This is a purely health crisis-driven, consumption-related sector contraction. We’re not allowed to go and get our haircut or go to the bars or restaurants. We’re not allowed to do these things and that’s very different than practically any recession we’ve had in the past, so that’s why we can reasonably expect the recovery to look different this time.”