Dr. Mark Dotzour, chief economist at Texas A & M’s Real Estate Center, proclaims tax credits to buy homes or cars represents a fake economic recovery. When people buy because they want to marks a real recovery, which he says is starting to happen now because there is so much pent-up demand. As reported in CommercialSource, speaking to a National Association of Realtors (NAR) gathering, Dotzour stated that real estate is an investment, but the commodity markets are “hedging instruments, not investments.” He says Americans once again have credit after five years of postponing life events because of the economic downturn, which gives him optimism that the housing recovery is taking hold. But as MHProNews has learned, he also says many commercial real estate loans are buried in the system. Requiring another 5-8 years to flush them out. For more of his remarks, click here.
(Photo credit: CommercialSource/NAR’s Jan Hope welcome Dr. Mark Dotzour)