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Research @ CitiPodcast05 Jun 2024


E3: IS THE U.S. HOUSING MARKET BROKEN?


Citi Research

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The current state of the U.S. housing market can be traced back to the Global
Financial Crisis (GFC). The ensuing retreat of builders and lenders resulted in
housing starts trending below a pre-GFC average that had persisted for several
decades — in an America with a much smaller population. Then the pandemic hit,
which stimulated substantial demand as Americans worked and schooled from home
and moved to different parts of the country. On the supply side, a shortage of
building products and labor put the brakes on construction. Fast forward to
2024, and current benchmark mortgage rates mean that many homeowners locked in
at lower rates are not keen to sell. All of this adds up to a housing market
where affordability is near all-time lows. But is the U.S. housing market
actually broken?

Join Citi’s Rob Rowe, Head of the Global Strategy and Macro Group and U.S.
Regional Director of Research, and Anthony Pettinari, U.S. Homebuilding and
Building Products Analyst, as they tackle this critical question, not only from
an economic standpoint but also from the perspective of demographics, geography,
and even the tail risks around insurance rates amid climate change. 

This podcast contains thematic content and is not intended to be investment
research. Nor does it constitute financial, economic, legal, tax or accounting
advice. This podcast is provided for information purposes only and does not
constitute an offer or solicitation to purchase or sell any financial
instruments. The contents of this podcast are not based on your individual
circumstances and should not be relied upon as an assessment of suitability for
you of a particular product, security, or transaction. The information in this
podcast is based on generally available information and, although obtained from
sources believed by Citi to be reliable, its accuracy and completeness are not
guaranteed. Past performance is not a guarantee or indication of future results.
This podcast may not be copied or distributed, in whole or in part, without the
express written consent of Citi. © 2024 Citigroup Global Markets Inc. Member
SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and
service marks of Citigroup Inc. or its affiliates and are used and registered
throughout the world.

 

Rob Rowe, Head of Global Strategy and Macro Research and U.S. Regional Director
of Research


Rob Rowe is Head of the Global Strategy and Macro Group (GSMG) as well as the
U.S. Regional Director of Research. GSMG unites all of Citi's economists with
fixed income, FX, equity and commodities strategists to create a common team
providing research on the world's major economies and asset classes. Rob has
been with Citi for 30 years serving in various capacities. He originally joined
Smith Barney Harris Upham & Company in 1989, working in investment banking,
fixed income sales and research.  In addition to his managerial
responsibilities, he continues to provide portfolio strategy for select clients
as part of his previous role overseeing the Global Bond Portfolio Analysis team.
He has written numerous articles and publications on fixed income and portfolio
strategy.

 

Anthony Pettinari, Homebuilding and Building Products Analyst


Anthony Pettinari is the U.S. Packaging, Homebuilding and Building Products
Analyst for Citi Research. Prior to joining Citi in 2006, Anthony was a
management consultant, holding roles at Deloitte Consulting and Merck & Co.
Prior to launching coverage on the Packaging sector in 2010, he was a member of
Citi’s #1 Institutional Investor–ranked Chemicals research team.

Anthony has been recognized by the Institutional Investor All-America Research
survey every year since 2016. In 2023, he was recognized by TipRanks as one of
the top 10 Consumer Goods sector analysts of the past decade.

Anthony received his Master’s degree from Columbia University and his Bachelor's
degree from the University of Washington.

 


UP NEXT
Podcast


E2: GRIDLOCK—THE GLOBAL POWER PROBLEM

The power grid is arguably the backbone of modern society. We’re now at a
critical convergence of soaring power demand from the digital economy — driven
by the rise of electric vehicles, data centers, artificial intelligence (AI),
and other technological advances — and an aging grid that requires significant
improvement. The International Energy Agency estimates that power lines globally
will need to double in length between now and 2050, and that’s not including the
old power lines that need to be replaced. Then there’s the red tape that stands
in the way of new construction, the challenge of integrating renewable energy,
and the need for coordinated planning to modernize the grid —all of which point
to unprecedented, structural supply-and-demand shocks.

Citi Research
Podcast


E1: YEAR OF THE DRAGON—CHINA’S PLACE IN THE WORLD

China’s once-staggering economic growth has stalled. It now faces myriad
challenges, including persisting property market woes, rising geopolitical
tensions and weak consumer demand. 

Citi Research
Series


RESEARCH @ CITI

Citi hosts will be joined by guest experts to offer a lens into the financial
markets. Unpacking the most relevant and timely topics, delving into why they
matter and how they impact investors and consumers. Listen on Spotify, Apple, or
wherever you get your podcasts.

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