Housing expert advises 'slow and steady' as market rebounds
By Andrew Doud
CHARLOTTE, N.C. —
Bill McConnell is the president of the Charlotte Regional Lenders Association.
"Right now, Charlotte is experiencing one of the best spring housing markets we've seen in years," McConnell said.
When he heard President Barack Obama's administration was pushing for lenders to make home loans available for people with weaker credit, he saw the potential for history to repeat itself.
"I want them to remember what a crisis we had back in '08. Those were pretty important lessons," said McConnell.
The housing market as a whole is improving. According to the most recent numbers made available by the Department of Housing and Urban Development, single family home sales increased by 12 percent between February 2012 and February 2013.
Some economic experts say young people and people with poor credit took a hit during the recession and now still can't qualify for loans.
"We have to remember that right now we are still on the front end of a slow but steady economic recovery. And I think that anything we do to stimulate the economy, but especially as it relates to housing, we just need to proceed with an abundance of caution," McConnell said.
During his State of the Union Address, the president said he was going to push to make home ownership a reality for more Americans, but McConnell said lending to unqualified buyers could create more problems than it would solve.
"You need to accept that slow and steady is better than a fast, inflated burst of growth," McConnell said.