Industry NewsMarkets & Economy

Uncertainty to temper economic growth

Panelists: Housing sustainability depends on private secondary market

SAN FRANCISCO -- While housing has been a bright spot for the economy lately, real estate professionals should not expect runaway growth anytime soon, according to panelists at today's Real Estate Connect conference in San Francisco. "I think the market we have today is going to be a market that is going to be somewhat sustained," said Joel Singer, executive vice president of the California Association of Realtors. "Time is important, if for no other reason than personal balance sheets get healed. There will be growth in the next couple of years, though it's obviously not going to be dynamic." Bill Emmons, assistant vice president and economist at the Federal Reserve Bank of St. Louis, emphasized that the economy as a whole was "not too broken to be fixed" but that the recovery is "just going to look a lot different than we're used to." "We're at a slower growth rate, so we're pretty much always on the verge of a slowdown or a reces...