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Peter Hauspurg on Last Week's Poll

'Real estate is sort of the tail that Wall Street wags.'

By Casey Freeman | Updated on April 25, 2008

WHAT WILL THE SLUMP TEACH US?

Hopefully there is some knowledge to be gained by this economic slump. A hefty 76% of GlobeSt.com readers believe we’ll learn that we’re just in another cycle. Almost a quarter of you (23%) think it’s too early to tell what will happen and only a miniscule 1% of you assume the industry will be invincible after this. Peter Hauspurg, chairman of Eastern Consolidated was nice enough to give us his opinion on this week’s poll.

“The lessons from the slump will be forgotten as soon as the money comes back. It really is too early to tell. We’re just getting into it. People want to know when we’ll hit the bottom and I’m always asked, is that bottom here or not? I hope it ends tomorrow. It feels like the train wreck is just sort of starting. Once money is poured back into this industry, lenders will lend and builders will build. Now that we don’t have anything to lend the developers are stopping.

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