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Fed's Waller Bullish On Housing

FED
  • We’re short on housing, lacking around 3mln houses because haven’t built for a decade. We have tightened up everything in terms of mortgage underwriting so household balance sheets are in great shape. 28% of all home purchases last month were cash only.
  • If housing prices go down, there’s just going to be some equity loss by the owners, the banks aren’t going to suffer from this and the financial system won’t bear an impact - the owners are going to be the shock absorber. You’re still having to put 20% down and have all the underwriting.
  • Millennials have finally come off the sidelines – the second largest generation in US history – and have started buying houses and they’re at that age where it’s going to go on for 5-10 years at least.
  • The demand is permanently there, the supply hasn’t caught up and all the financials look good. I just don’t see anything bad happening to the housing market.
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