Graham Stephan
👤 SpeakerVoice Profile Active
This person's voice can be automatically recognized across podcast episodes using AI voice matching.
Appearances Over Time
Podcast Appearances
But it also told you, if you look at it, it told you a timeline to recover.
It's just not fast.
In 1978, we did 4 million, 3.9 something.
By 1982, we did sub 2 million.
That's a 50% crash, guys.
We did not get back to 3.9 million until 1996.
I'll say that again.
From 1978 to 1996, it took to recover to do the same level of transactions.
We must have had 15 million more people in the country.
We must have had 5 million more housing units.
But it's just not a quick recovery.
Why?
Because wages.
This is all about wages.
Wages grow four, four and a half percent a year.
It's going to take eight to 10 years for that to bring back some normalcy.
Transactions matter because we are an economy.
Real estate, the collective unit, is about 12 to 13% of the economy.
Painting, Lowe's, Home Depot, just all the things that go into real estate.
If you are at 50% of production, you have 12% of the economy being pulled back.