Real estate and homeownership will be a big part of the post-COVID recovery, U.S. Secretary of Housing and Urban Development (HUD) Dr. Ben Carson said on Tuesday.
Joining the “Good Morning RE/MAX with Nick Bailey” show, Carson gave a look at what HUD is doing in the face of the pandemic and why re-establishing the strong housing market seen in the early months of 2020 is a big part of getting the economy back up and running.
“We want the American Dream to be able to resume for people,” Carson told Bailey on the We Are RE/MAX Facebook Live show. “Having a home is a big part of the American Dream and we don’t ever want that to be lost.”
Carson says the economy is already starting to turn around, as governors across the country are slowly reopening the economy and the workforce is starting to resume. He says it’s important to be responsible when reopening the country, and that the real estate market plays an important role in that.
The real estate market was booming before the pandemic and Carson says with interest rates low and expected to remain so, the real estate market will bounce back when the pandemic passes. He also thinks real estate will be a driver in returning the country to prosperity.
“Bear in mind that you’re talking about 15% of the GDP,” Carson says. “This is a huge section. If we get this right, it will have a profoundly beneficial effect on the rest of the economy. Again, even in terms of general wealth, the primary mechanism for wealth accumulation in this country is homeownership. The average renter has a net worth of $5,000. The average homeowner [has] a net worth of $200,000.”
Carson says economic fundamentals are still really strong, and that it’s important to base decisions on data and evidence. He says what’s important now is understanding that this too will pass. And when it does, homeownership will be more important than ever.
“We will continue to work hard for the people,” he says. “Remembering we’re trying to provide decent and fair equitable housing for every citizen of this country.”
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Mark the calendar: Marie Osmond, famed singer and co-founder of Children’s Miracle Network Hospitals, joins “Good Morning RE/MAX” next Tuesday, May 19, at 11 a.m. ET on the “We Are RE/MAX” Facebook page. The weekly “Good Morning RE/MAX” show features Bailey’s insights along with conversations with guests from real estate, technology and related industries. Anyone can view the video, either live or at their convenience.
Each Thursday at 10 a.m. ET, RE/MAX CEO Adam Contos covers leadership principles and more on his weekly show, “Mind, Body and Business.” It, too, debuts with a Facebook Live session on We Are RE/MAX and is available for viewing at any time.
Written by Luke Graham
