Christopher Mayer came across more like a realtor than an objective economist. What do you think his first argument was? Time on the market has decreased over the last 4 or 5 months. As soon as I heard that I knew this guy was full of it. The man teaches economics at an esteemed university, he goes on national TV to debate against an internationally respected economist, and the first argument that he presents is about “time on the market”. Un-frickin-believable.
Mayer’s whole deal was that the negative housing metrics we are seeing today aren’t “nearly” as bad as they were in the late 80s. In fact, he said that there isn’t a single indicator today that is as bad as it was in the late 80s. He also mentions that it is not correct to compare current or potential decreases in today’s market as they are coming off an unprecedented bubble. This should be of comfort to home owners who are seeing their values drop on a daily basis. It’s gonna fall much farther than it ever has, but it least the drop is not as fast as it was in the late 80s!
