Mark Zandi
Mark Zandi
Mark Zandi is chief economist of Moody's Analytics, where he directs economic research. He is co-founder of Economy.com, which was acquired by Moody's Analytics in 2005. Prior to founding Economy.com, Zandi was a regional economist at Chase Econometrics...
NationalityAmerican
ProfessionEconomist
CountryUnited States of America
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Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.
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It would undermine the housing market, and could quickly result in credit problems that would affect the entire (American) financial system.
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I would attach a reasonably high probability that there will be a problem in the housing or finance markets that will test the next Fed chairman.
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There is plenty of blame to go around for the U.S. housing bubble, but not much of it belongs to Fannie Mae and Freddie Mac. The two giant housing-finance institutions made many mistakes over the decades, some of them real whoppers, but causing house prices to soar and then crater during the past decade weren't among them.
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This region is expanding not quite as much as the rest of the country. We will see much less housing activity, especially in the next couple of years.
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The bloom is definitely off the housing rose. Housing peaked last summer and has been weakening ever since.
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We are a very low-cost area in a very high-cost region. Housing values have risen here, but not nearly as much as in other parts of the country.
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I think what we have in store is a slow deflating of the housing bubble, not a bursting of the bubble. But if mortgage rates rise more sharply than I am expecting, then the downturn in housing could be more severe.
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I think the most likely scenario is that housing euphoria slowly deflates but doesn't burst.
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He said housing has turned increasingly speculative, and a correction in the market is coming, ... But he also said that the correction won't affect the great bulk of homeowners.
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Housing is a fault line in the economy that Greenspan is indeed worried about, but he doesn't think a housing (slowdown) will undermine the expansion.
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Housing has peaked. And all indications are that sales will weaken further in the months ahead.
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Our economy isn't going to recover until the housing market finds its footing.
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The housing market is fading fast and the prospect is it will weaken further as rates move higher.