Realogy affiliated owners were joined on a call last week by Deputy Secretary of the U.S. Department of Housing and Urban Development, Brian Montgomery, for a unique discussion on the housing market.
On the call, moderated by Realogy president and chief executive officer Ryan Schneider, Montgomery outlined the department’s recent focus on regulatory relief, decreasing procedural barriers, accelerating technology and the progress on Opportunity Zones – including efforts by the department generating over 500,000 jobs, attracting $75 billion in capital investments and that are on track to reduce the poverty rate in Opportunity Zones by 11 percent, lifting over one million people out of poverty.
Montgomery also shared insights about the pandemic’s effect on the industry, noting the impact of low interest rates driving strength in the market and the desire of the FHA to continue to support housing momentum. Of all the things the department experienced throughout the pandemic, the accelerated adoption of technology was among the most significant:
“We never wanted to have a beta test like we’ve all lived through [in] the last six or seven months but it’s been amazing to see how we’ve all adapted using technology.”
Mr. Montgomery, with an extensive background in housing and vast experience spearheading large-scale policy initiatives, was confirmed as Deputy Secretary in May of this year. Prior to assuming his current role, Mr. Montgomery was appointed by the president in 2017 as Federal Housing Commissioner, marking the first time an individual has served as head of the FHA twice and under three different Administrations.
“This company [Realogy] has been an incredible force in our industry by virtue of who you are as a diversified business and for the quality insights that you provide to the overall market, including the depth and breadth of the knowledge represented by your numerous owners, brokers and other market experts," said Montgomery.