Test 3

The U.S. housing shortage may be frustrating consumers, but the housing market is in a “very healthy state” compared with a decade ago, Marcus & Millichap CEO Hessam Nadji said Friday.

“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.