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CU System
Council speaker Weak recovery means modest gains in 2011
LAS VEGAS (10/20/10)--The U.S. housing market has likely reached the bottom of this housing cycle and is trending upward, but this third consecutive jobless recovery in U.S. history means few gains for the market or the overall economy in 2011, U.S. economist David Berson said Monday. Berson’s remarks were made in Las Vegas Tuesday at the General Session of the 2010 CUNA Lending Council Conference. Delegates from credit unions nationwide attended as he presented his “Outlook for the Economy, Housing and Mortgage Markets.” “This is the third consecutive jobless recovery,” Berson said. “Not literally jobless, but weak in comparison to recoveries before 1990, resulting in unemployment rates higher than desired, for too long.” The nature of the recovery is having a direct impact on future prospects for the housing market and overall economy, Berson said. “We are probably at the bottom of the housing cycle. Although we expect gains going forward, they’re likely to be modest, at least initially,” he added. Berson is chief economist and strategist at PMI Mortgage Insurance Co., where he is the author of PMI’s monthly Housing and Mortgage Markets Review and the quarterly Economic and Real Estate Trends. He was previously chief economist for Fannie Mae. Conference attendee CMG Mortgage Insurance Company (CMG MI) is a corporate joint venture between PMI and CUNA Mutual Group, and a provider of mortgage insurance products and services to credit unions in the U.S. “Successful residential real estate lending requires an understanding of the trends in job growth, Federal Reserve monetary policy and the direction of interest rates. David’s presentation at the CUNA Lending Council will be helpful in the decision-making process of many credit unions,” said Joe Dillon, CMG MI senior vice president and general manager. Sponsored by the Credit Union National Association, the annual CUNA Lending Council conference focuses exclusively on credit union lending sectors.
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