Recession: It’s the dirtiest word in the real estate business. And, like Voldemort, it’s best not said out loud.So why am I hearing so much chatter about a recession from real estate folks?Maybe that’s because a growing number of property executives are thinking a recession is imminent — if it hasn’t already started.Almost half of the industry sources interviewed at the end of 2018 by longtime property market observers at Robert Charles Lesser & Co. see a recession.”One-fifth of survey respondents (20 percent) now believe that the downturn has already begun, a significantly more pessimistic view than in previous surveys,” Robert Charles Lesser managing director Leonard Bogorad writes. “Just under one-half of survey respondents (46 percent) now believe the downturn has already begun or will start in 2019, a 16 percentage-point increase from the midyear 2018 survey.”Also, the firm’s real estate market sentiment index plunged from a score of 68 at midyear to 37.5 at the end of 2018. “Sentiments about current national real estate conditions are noticeably more pessimistic than they were six months ago,” Bogorad said. “Respondents do not appear to be overwhelmingly concerned with the overall impact, as 95 percent of respondents believe the impact will be ‘slight’… Read full this story
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