My new venture Radar Logic released the September 2007 RPX Monthly Housing Market Report on Friday at 9 AM.
Mark Haines & Erin Burnett, hosts of CNBCs Squawk Box interviewed me at the New York Stock Exchange about the release of the report. Its a tight fit on the balcony, overlooking the exchange with about a dozen people within about 6 feet of me off camera. I have been interviewed by each of them from a remote location but this was the first time I have met them in person. A lot of cheering and yelling was going on behind me on the floor of the exchange.
CNBC Squawk Box Interview
Kathleen Hays, who hosts one the leading news programs On The Economy, and who is one of my favorite anchors at Bloomberg, interviewed me regarding our report release. She is a moderator at this monday’s OTS’ National Housing Forum.
I was joined by Nicolas Retsinas, Director of Harvard’s Joint Center for Housing Studies. I did a split screen with Nicholas once before on another program and have always enjoyed his insights.
Bloomberg On The Economy Interview
Tags: CNBC, Harvard JCHS, Television
Thanks for the very good commentary in both interviews Jonathan. The transparency and straight talk is not only refreshing but critical if we are to work through this cycle in the most optimum and sensible manner possible.
Your observation on the correlation between negative or declining equity and the rate of foreclosure was key to understanding the situation as we go forward. I also agree with your comment on the impact Mr. Paulson’s new sub prime interest rate initiative – it won’t have enough strength to sufficiently shore up market driven price levels and will do little for those who currently can’t handle their current mortgages. At best it will help stem the rising tide of resets.
I belive the other problem yet to be recognized is the huge effects to be realized from the sharp drop off in home equity loans. As appraisers, we know a ton of them were made since 2002. Without question these borrowings fueled a wide range of discretionary consumer purchases such as autos, travel, home improvements, elective medical procedures, boats, etc. The funds were also used to pay down credit card balances and even finance a borrower’s small business. The home equity credit crunch and resulting trickle down is already being felt among increasing numbers of small businesses owners (with a mortgage or two, residential and small commercial as well) who already operate on the edge. I all too well recall how the small business owner took some major body blows in the last market fallout.
Thanks Jose! Excellent comments. Its definitely an interesting time to track housing markets.