Saturday, September 20, 2014
Inquirer Daily News

Dark humor in dead real estate market

New housing crash: it can't get worse, says economist Naroff

Dark humor in dead real estate market

Joel Naroff, the longtime Philadelphia bank economist whose horses (employers) kept getting shot under him (sold to other banks), has kept his dark sense of humor through the collapse of the real estate market. Read his pungent comments in Al Heavens' Inquirer story here. Plus, from Naroff's statement today:

- "With new home sales at a record low [less than 1,000 a day in July], it might be easier to list the names of the buyers than the number of homes sold."

- "Builders have replaced the Maytag salesmen as the loneliest people around."

- "Like the Chinese traffic jam, we are going nowhere slowly."

- "I cannot conclude this sector is a wipeout. Okay, it is."

And, not so funny: "People who want to move... cannot afford a down payment... They are stuck... With credit standards back to where they should be, many of them will not qualify... If you cannot sell your home then you cannot buy another home and that creates gridlock... "

Things will get better... they can't get much worse... maybe by Thanksgiving, Naroff concludes.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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