On April 7, 2020, REjournals hosted a webinar featuring renowned real estate economist, Dr. Mark Dotzour. An astonishing number of CRE professionals tuned in—nearly 4,000—to hear Dr. Dotzour’s insights on the impact that COVID-19 will have on the economy and the real estate industry.
What does this COVID-19 economic situation resemble?
According to Dr. Dotzour, the current situation resembles a combination of 9/11, the 2008 housing crash and World War II. This event is like 9/11 in that it came out of nowhere and there is a general fear of the unknown. However, unlike 9/11, this catastrophe is occurring in every city on earth right now.
The 2008 recession had financial tremors and just last week, financial markets were shaking strongly. The Federal Reserve has