Amid the gloom of the housing market downturn, the green building sector is one bright spot, according to panelists who spoke on green building trends in housing construction at Standard & Poor's housing summit Thursday in New York.
Harvey Bernstein, vice president, industry insights & alliances, McGraw-Hill Construction, noted that in 2010, a third of all commercial real estate construction was green, as was 16% of residential construction. The share of green construction is only likely to go up in the future, he said.
Panelists at a Standard & Poor’s housing summit in New York say the mortgage tax deduction is a key component to the housing industry.
Chuck Robida, Experian chief scientist, said that he expects that it will be difficult for housing markets to recover without the mortgage interest tax deduction, especially in larger MSAs.
While other people expect home prices to bounce along the bottom for a while without going up much, Robert Shiller is inclined to be more pessimistic.
There is room for home prices to decline another 10% to 25% in real terms over the next five years, according to Shiller.