Dr. Richard Green, Director of the USC Lusk Center for Real Estate, is quoted in the May 22, 2009 edition of Hospitality Net
When Does the Hotel Industry Recover?
Hospitality Net
By Jim Butler
...Here are the insights provided by hotel industry leaders at Meet the Money® 2009 on the issue of "recovery"...
...Housing defaults are still not at Great Depression levels yet (10%) but we are getting there. Our 90-day delinquency rate is about 7%. There is a lot of stress on households. Contributing to the stress is household debt to GDP, which was 40% after WWI, going up to 60% in 1980. This was acceptable because rent was just another household expense. But after 1980, household debt to GDP has skyrocketed and is now over 100%. So we will not see the consumer driving the economy any time soon. / Richard Green Director USC Lusk Center for Real Estate...
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May 22, 2009