Commissioner makes an overstatement?
This week at the National Association of Realtors’ (NAR) Midyear conference, the FHA Commissioner David Stevens spoke before the audience of Realtors and executives, calling the long term prospects for the real estate market “incredible,” according to NAR. Pointing to young households as a demographic that is growing larger than the baby boomer demographic, Stevens notes that their entry into the market will lead to “an incredible real estate market in the future.”
In the midst of a continuing real estate crash that it appears we are just now hitting the bottom of, is it really time to call the future “incredible” when the Obama administration hasn’t even doled out funds to help the impending doom of another foreclosure wave?
By “incredible,” don’t you really mean “uncertain”?
Stevens calls for FHA reform as a means forward towards this “incredible” market, but it seems the implication that reform is necessary indicates that without reform, trouble could lie ahead, making the future more uncertain than incredible.
Perhaps standing before a crowd of real estate industry professionals seems to be the place for a rally cry, but I see it more as an overstatement to a crowd that already got burned by Lereah and similar cheerleaders. What say you?
