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Housing recovery to take few more years: Geithner
invite response
2011 May 25, 3:59am 2,174 views 6 comments
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Stupid question alert!
When they say "recovery" do they mean when prices are back up to their 2006 highs or when house prices begin to rise again?? Or something entirely different??
I'm guessing he means when the median housing price rises to 10 times median income, and median mortgage LTV for new mortgages gets back to around 97%.
But I could be mistaken.
Alternatively, since refers to the last 3-4 years as "housing repair", perhaps he means housing will continue to crater, and lending standards will continue to tighten.
Which would be nice, though I doubt that's what he means.
Stupid question alert!
There are no stupid questions. My answers, however...
.
klarek
2011 May 25, 7:22am
Stupid question alert!
When they say “recovery†do they mean when prices are back up to their 2006 highs or when house prices begin to rise again?? Or something entirely different??
Not a stupid question at all. Came here to gripe about it as well. More often than not, I hear these people talk about "recovery" or "comeback" with no additional clarification as to what they mean. Is it the market bottoming? Rising again? Reaching 2006-level prices? Which is it? Each of these could be many years apart from the other.
omg!
May 25, 2011 9:02am EDT
WASHINGTON (Reuters) - It will take several more years for the housing market to completely recover, U.S. Treasury Secretary Timothy Geithner said on Wednesday.
"We're sort of three or four years into the housing repair, you could say," Geithner told Politico in a live interview.
"But we've got several more years to go. Again just realistically I think it's going to take time still to heal that," Geithner said.
Geithner also said the United States "absolutely" has a jobs crisis, noting that unemployment remains very high and will come down "too slowly for everybody."
http://www.reuters.com/article/2011/05/25/us-usa-economy-geithner-housing-idUSTRE74O3SG20110525
#housing