NEW YORK CITY-The recovery of the single-family housing market is showing a “palatable sea change” from last year as employment figures and consumer confidence continues to inch up, according to Mark Zandi, chief economist at Moody’s Analytics, who spoke at IPD’s US Real Estate Investment Forum at the Millennium Broadway Hotel in Midtown on Tuesday morning.

“In my view, we have come a long way from righting the wrongs that got us into this mess,” Zandi said. “The reason for the financial panic and the great recession was that we made millions in bad loans, bad in the sense that millions of loans did not get repaid,” noting that total realized losses on first mortgage loans since 2007 is nearly $500 billion – and counting.

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