National Association of Home Builders CEO Jerry Howard warned the housing market will continue to decline and is likely to "stay at bottom" until the midterm elections, telling "Varney & Co." Monday that policymakers could cure the current housing recession.
JERRY HOWARD: It’s a real bad time. Nine straight months down, we’ve given birth to a housing recession. This recession could be cured by policymakers, so I expect we’ll stay at the bottom, and maybe go a little lower, right up until we see the outcome of the midterm elections - because policy is what can get us out of this.
I think you’re seeing a weakening in virtually every market but those that were stronger are weakening less. I guess the most important thing that investors and people need to remember is that Americans still want to own their homes and that, as soon as the conditions turn a little more favorable, housing will pick up. That will pick up the whole economy.
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