Last week brought yet more grim news on the housing front, as July existing home sales and housing starts each came in below expectations. This week brings new home sales data and expectations are low given the tumult in the financial markets and low levels of mortgage applications, despite historically low rates.
"I don't think there's any silver bullet for the housing recovery, it will take a long time to play through," says Tom Shapiro, president and founder of GTIS Partners, a global real estate investment firm.
At a minimum, we need growth in jobs and a revival of the funding market to even begin to think about a housing market recovery, Shapiro tells Dan Gross in the accompanying clip.
Still, Shapiro agrees with Dan's theory that a housing shortage is brewing in America, thanks to a combination of population growth and historically low levels of home construction. At 604,000, July housing starts were less than a third of the 2005 theRead More »from No Silver Bullet for Housing, But GTIS’s Shapiro Sees Opportunity