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A housing renaissance has begun. This may be hard to believe after the dizzying, six-year-long crash in home sales, construction and house prices. But housing turned the corner last year, and it will take off in 2013.

Mark Zandi

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Mark Zandi
Age: 54
Economist
Pennsylvania
United States
Last
Crash
Years
House
Construction
Home
Corner
Dizzying
May
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Renaissance
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Six
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Potential home buyers have a two-step decision process. First, they determine whether they can afford to make a purchase - does their income safely cover their mortgage payment? Then they determine whether owning is a better financial choice than renting - are the costs of owning a home lower than the cost of renting it?
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Indeed, the FHA was born out of the Great Depression, which was also caused in significant part by a foreclosure crisis. Mortgages in the early 1930s were mostly three- to five-year 'bullet' loans, which did not amortize and were due in full at maturity.
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The Tea Party was born out of the disgust many Americans felt early in the financial crisis upon learning that the federal government was even contemplating reducing the principal on some troubled mortgages.
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Our biggest challenge is to eliminate the popular perception that economists don't have anything useful to say.
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The extension and expansion of the payroll tax holidays for workers would be number one on my list and key to avoiding recession.
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In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.
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Mark Zandi