Housing slump to continue at least another year: Herman

Prudential Douglas Elliman CEO Dottie Herman appeared on Fox Business this week (see video above) to talk about the consistently fluctuating housing market. Reports such as the S&P/Case-Shiller Home Price Index give a view of the national as a whole, she said, but don’t’ reflect activity in unique markets such as New York. “You have to really look at your local market to determine what’s going on… Interest rates are the lowest they’ve been… the banks just really have to start lending,” she said. While national home prices are continuing to exhibit seasonal strength, according to the S&P/Case-Shiller Home Price Indices’ data through July, Herman said she expects the housing slump to continue for another year at least.