Housing Giants - January 1, 2009 - (Page 12) housing finance,” he says now. While he doubts the industry will find the bottom of this cycle before 2011 in most markets, Retsinas sees a silver lining in the clouds. “The long-term projection argues for fairly strong housing demand,” he says. “Aging baby boomers are generally healthier and wealthier than past generations. The echo boom is coming along, and we still have a growing population augmented by immigration, although that’s slowing some now because of the short-term economic outlook. “We just have to get through the current situation, and the most significant factor in all of that is the loss of confidence in the housing market,” Retsinas says. “The good news is there’s now a strong consensus that the government must find ways of intervening. We will have more stimulus packages, which is a radical change from a year ago, when the government response to a deepening crisis was to encourage voluntary loan modification. 12 1.1.09 HOUSING GIANTS www.HousingGiants.com “I think in the coming year we’re going to have a very, very healthy and overdue debate on what kind of housing financing system we want.” — Nicolas P. Retsinas “That’s fairly weak engagement, but the level of government engagement now is supercharged,” Retsinas says. “And I don’t think it’s over yet. How do we make sure we don’t have major job losses? History is abundantly clear that when people lose jobs, that’s the Photography by Tsar Fedorsky FEATURE http://www.HousingGiants.com
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