| NEWS RELEASE |
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Office of External Communications |
Houston, TX 77204-5017 Fax: 713.743.8199 |
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FOR IMMEDIATE RELEASE |
Contact: Angie Joe |
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NATIONAL HOUSING BUST DURING ANNUAL SYMPOSIUM The threat to the national and regional economies from a serious housing market correction is the topic of Barton Smith’s annual real estate forecast. Smith, director of the Institute for Regional Forecasting at the University of Houston, will present his symposium “The Housing Bust: How Soon? How Bad?” at the Hyatt Regency Hotel Downtown, 1200 Louisiana, May 2. “Industry and financial experts disagree on the likelihood of a housing market bust,” he said. “But there are multiple reasons to worry, some of which are not relevant in Houston, but all of which can have an impact on the overall health of the Houston economy. Like the nation as a whole, local residential real estate is overbuilt and is at risk from dangerous lending practices and over hyped expectations. On the other hand, Houston prices remain far below the national average and local housing affordability is far higher here than in most other large urban areas. Yet local foreclosures are on the rise and though they are nowhere near their levels of 20 years ago, the geographic pattern of high foreclosures is quite reminiscent of the real estate bust of the mid-80s.” As part of the presentation, Smith will outline conditions that could increase the likelihood of a serious bust and those that might ameliorate the downside potential. In addition to his analysis of the national and local home market, he will update his forecast of other area real estate markets and of the Houston economy in general. Of primary interest is whether the region can avoid most of the pitfalls that lie ahead as the U.S. economy slows. The UH economics professor has conducted numerous studies on urban issues, housing, transportation and the environment. During the past 15 years, he has gained national and local recognition for his analyses of the Houston economy and real estate markets. Smith wrote “Handbook on the Houston Economy” and continues to publish two symposium reports a year on Houston’s economy and real estate markets. Prior to his presentation, Smith will be available for media interviews from 10:30 to 11:15 a.m. ABOUT THE EVENT:
For more information about UH visit the university’s ‘Newsroom’ at www.uh.edu/admin/media/newsroom. |
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