‘We’re in Nirvana for Housing’
OK great, but who the heck is Ivy Zelman?
Ms. Zelman is the CEO of Zelman & Associates and holds over 18 years of experience covering housing and housing-related industries at various points in her career.
Zelman & Associates
A scarcity of homes for sale and record-low mortgage rates are setting up for a bullish real estate market, Zelman & Associates CEO Ivy Zelman said Thursday on CNBC.
"I think we're in nirvana for housing," she said. "I think that I have to tell you, I'm probably the most bullish I've ever been fundamentally, and I'm dating myself, been around for over 20 years, so I've seen a lot of ups and downs."
On "Fast Money," Zelman likened consumer sentiment to a battleship pointing down for the past several years.
"And then the inventory cleared, the blight goes away, consumers feel better and now it's really this urgency to go find a house," she said. "I'll tell you, there are Realtors blanketing neighborhoods, asking people to sell their homes."
Zelman correctly called both the housing market's top in 2005 and the bottom in 2012.
(Read More: Housing Recovery Leaves Some Behind)
Housing prices are poised to continue rising for the next four to six years, she added.
With all due respect for Ms. Zelman’s excellent record in making these calls, but from low interest rates and inventory and more upbeat consumer sentiment she (somehow) gets to Nirvana and rising prices for the next 4 to 6 years. That’s a big leap.
Interest rates and inventory are low and consumers are more upbeat. But, unless they’re behaving very differently elsewhere, and they may well be, here in the foothills they’re also treading very carefully and putting a very sharp pencil to any potential purchase. And walking away when it doesn’t add up.
Who can predict what’s going to happen in the next 4 to 6 years. Myself, I’d also consider other opinions, including Robert Schiller’s, before counting my chickens.
A New Housing Boom? Don’t Count on It
By ROBERT J. SHILLER
Published: January 26, 2013
The New York Times
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