“One of the most bullish economic stories in the world has been the recent recovery of the U.S. housing market.
Maury Harris, UBS’s Chief U.S. Economist, is particularly optimistic considering the snapback of housing formation, which is now back above 1 million per year.
We recently had lunch with Harris, who is repeatedly recognized as the most accurate economist on Wall Street and is one of Bloomberg’s 50 most influential people in the world.
Harris pointed to one housing market “wildcard”: investor interest.
During the heyday of the housing bubble, investors had accounted for a whopping 25-30 percent of the housing market.”
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