Fannie CEO Said More Confidence Needed in Housing Market
December 1, 2017
Fannie Mae CEO Tim Mayopoulos said the housing crisis has made people cautious about buying a home and that confidence in the market needs to be restored. Speaking at the Detroit Economic Club last week, Mayopoulos emphasized the need for affordable housing, calling the issue “urgent.” More than one million starter homes have been lost since the crisis, according to Mayopoulos. He pointed out that from 2012 and 2015, the most affordable one-third of homes rose 38 percent in price, and the inventory dropped by 39 percent. In addition to the decline in the number of affordable homes, he said people aren’t as comfortable in making a home purchase as they were before the crisis.