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WASHINGTON, DC-Later today, leaders from Congress, Wall Street and major real estate associations will gather on Capitol Hill to talk about how the industry has changed after the events of September 11. The purpose of the planned one-hour session at the Rayburn House Office Building is to discuss real estate’s contribution to the US economy and the outlook for various real estate sectors amidst a deepening economic downturn.

Xenia Jowyk, spokeswoman for the District-based Real Estate Roundtable says, “There have been conversations with members of Congress on the impact to real estate. Those conversations will continue, that’s part of what this briefing is designed to do.” On the congressional side, Representatives Phil English, R-PA and Richard Neal, D-MA will address the audience. English and Neal are co-chairs of the 95-member Congressional Real Estate Caucus.

Industry speakers will include:

  • Owen Thomas–managing director, Morgan Stanley Realty
  • David Lereah–chief economist, National Association of Realtors
  • David Seiders–chief economist, National Association of Home Builders
  • Doug Duncan–chief economist, Mortgage Bankers Association of America
  • Jeffery DeBoer–president, the Real Estate Roundtable

    Jowyk says the event will not be for the purpose of making any particular demands on congressional leaders to assist or bail out the real estate industry. However, this will be part of the ongoing education process. The process will indeed be complex because just about any major industry either directly or indirectly affects real estate. Jowyk says real estate experts will delve into a variety of issues such as the pain experienced by the lodging industry as tourism and travel has declined, or the impact that increased insurance costs could have on financing of commercial and residential real estate. Also, New York and the impact on that market will be discussed specifically, she said.

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