This past Sunday, history was made. Super Bowl XLVI was the most watched television event in U.S. history, with 111.3 million viewers. And once the Giants achieved victory after a series of crucial errors by the Patriots, a record 118 million Americans watched as the team accepted the coveted Vince Lombardi trophy.
But, the Giants’ victory wasn’t the only event splashed across headlines in the following minutes, hours and days after the Superbowl. Clint Eastwood’s “Halftime in America” ad, speaking to one of the main engines of America’s growth, the auto industry, brought to light an economy steadily emerging from struggle’s shadow. As Eastwood said, in his signature husky whisper, “This country can’t be knocked out with one punch. We get right back up again and when we do, the world’s gonna hear the roar of our engines.”
This ad extends well beyond the auto industry. My first instinct was to think about what Clint’s words meant for the housing market. Let’s be honest, using Clint’s analogy, we have had a rough first half. Unethical lending practices, lax regulatory laws, mortgage manipulation on Wall Street and an inadequate understanding of the housing market on behalf of homebuyers helped lead to the housing bubble and the aftershocks we have felt since 2008.
But things are changing. The National Association of Home Builders released a report yesterday showing the list of housing markets with measurable improvement has expanded by 29 metropolitan areas. Housing was a strong contributor to the 2.8 percent GDP growth in the 4th quarter, which saw residential investment increasing by 11 percent. Most importantly, we’re starting to see a thawing in the job market, with 243,000 jobs added in January and a measurable decrease in the unemployment rate.
We’re seeing similar trends at William Raveis and have constantly been positioning ourselves for growth and innovation despite the challenges real estate has faced. Not only are our hard numbers positive, but we are expanding our talent base by consistently hiring new associates and opening new locations throughout the northeast. William Raveis is poised for a strong second half.
This is what success is all about. Persevering through challenges by preparing for achievement. This was Clint’s message about Detroit’s now restored auto industry and improving conditions throughout the nation. Businesses, large and small, families and individuals should be proud of what they’ve endured, all the while looking ahead for the final push to victory.
Let the second half begin.
