WSJ reports that Realogy CEO Richard Smith sent a letter to President Barack Obama on calling for a housing summit to address key issues. Smith’s Realogy owns brokerage firms such as Coldwell Banker, Century 21 and others. Smith suggests that top real estate, housing finance, and home building industry representatives should take part in such a summit. That would give the president “the benefit of real time feedback.” Smith said, and “Now that the debt ceiling is behind the administration, behind Congress, they need to be focused on housing.” Obama has already said at at recent town hall meeting that his administration would be “going back to the drawing board” on housing. “The sooner that vacant home that’s in foreclosure is purchased and capital is back into the marketplace, … the sooner you start seeing a housing recovery,” Realogy’s CEO asserted, adding: “Continued intervention of the government, while very well-intentioned, is making this far more protracted.”
