This week Bruce Norris is joined once again by Chief Economist for The California Association of Realtors, Leslie Appleton-Young. Bruce and Leslie discuss how lenders are exiting existing properties differently this cycle, feedback from frustrated REO agents, a due on sale moratorium, why adjustments in the lending industry has to change, short sales and how lenders aren’t cooperating, how lender cooperation might change in 2008, Realtors and auctions in 2008, the California budget deficit and its effect on real estate, possible changes with Proposition 13, if California is losing migration, the California rental market, contraction in employment in the real estate industry, how buyers are cautious, the demanding buyer, home ownership as an investment, the willingness for buyers to jump in 2008, how 25%-50% of markets were investors in some markets in recent history, 2007 versus 2008 and how transactions will bottom, C.A.R. predicting further declines in transactions, mortgage resets in 2008, how 2009 will be a better year, and possible solutions and their unintended consequences.
Leslie Appleton-Young is Vice President and Chief Economist for the California Association of REALTORS® (C.A.R.), a statewide trade organization with over 195,000 members dedicated to the advancement of professionalism in real estate.
Mrs. Appleton-Young directs the activities of the Association’s Member Information Group. She oversees the analysis of housing market and brokerage industry trends, member communications, and membership development activities. She is also closely involved in the Association’s strategic planning efforts and is a well-known speaker in California’s real estate community.
Before joining C.A.R. in 1984, Leslie Appleton-Young was a consultant with Telesis Inc. in Rhode Island. She also spent several years working as a research associate at the Federal Reserve Bank of Philadelphia and as an instructor at the University of Pennsylvania.
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