Homebuilders, lenders are ‘being more conservative’ to prevent repeat of 2008: Marcus & Millichap CEO

“The lack of speculation now being applied versus other expansions by the developers … not only is that not happening because of lenders being more conservative, but builders themselves have become smarter,” he said on “Power Lunch,” adding “they are preventing the lessons — if you will, the hard lessons — learned in 2008-2009 from happening again.”

Marcus & Millichap is a real estate investment services firm with offices in the United States and Canada.

There were about 1.66 million homes on the market at the end of November, which the National Association of Realtors says is the lowest on record for the month. Supply is down 5.7% from the year prior. When low supply meets high demand, prices surge. The median sales price for existing homes came in at $271,300 last month, which is also a record-high reading by the realtors association.

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