Richard Smith, CEO of Realogy, parent company of the Corcoran Group, Citi Habitats and Sotheby’s International, told Lou Dobbs yesterday what the most recent National Association of Realtors existing home sales data, released today, reveals. Smith says the recovery is in full force, but that when all the real estate-owned assets hit the market, after the foreclosure settlement is completely finalized, things will change, in the Fox News video above.
But nonetheless a housing recovery is in full swing, Smith said. “We have demand and price will follow,” Smith said. The housing recovery is in full swing, even though it may see some fits and starts. “It’s not so efficient that it is going to be a straight upward-bound line.”
The NAR data shows that existing-home sales were down in March but were higher year-over-year. “Inventory tightened and home prices are showing further signs of stabilizing,” the report says.
For instance, in Miami, Smith said, there are some neighborhoods where there are only weeks of inventory, and homes are closing within days of being listed.