Some experts see big expectations from big places in the housing market. On Monday, the Rotary Club of Toledo invited Owens Corning Chairman and CEO Mike Thaman to share what he thinks about the future of housing in the Glass City.
In his speech, Thaman said owning a house used to be the American dream, but more recently, it has turned into the American nightmare. Still, he said homeowners do have something to look forward to despite the tough times.
"I think we could be at the beginning of what should be a really strong three or four-year recovery in housing on a national basis. Housing creates lots of jobs," said Thaman.
Thaman expects the housing market to continue to recover and grow, but said recovery is not happening as fast in Toledo.
"I think in Toledo, that's probably happening a little bit more slowly than maybe some of the bigger markets in the U.S. where we are seeing very aggressive growth in house prices, and very tight inventories. But generally, I think we're going to see that as a trend across the entire housing market," explained Thaman.
Thaman attributes expected growth in housing to improving home prices. He said these lower prices are making room for even more economic growth.
"I would expect that that could create as many as 2.5 or 3 million additional jobs in the national economy, which would have a huge impact because those are all local jobs, local construction workers, local distribution, local transportation," said Thaman.
The best part of an improved housing market, according to Thaman, is that it increases activity for local businesses, which helps a community, like Toledo, grow. He also said that nowadays people view home ownership as a financially secure place to build a life.
"I think now, people have a more fundamental view of housing, which is: It's a place to live, a place to raise a family. It's a place to pay off your mortgage," said Thaman.
However, Thaman said we are still in the early stages of a good, sustained recovery, but he remains optimistic about the future.
Copyright 2013 Toledo News Now. All rights reserved.