Executive in Residence Dennis Cronk Warns of Shadow Inventory in Real Estate Market
Ferrum, Va. (November 1, 2010) – Dennis Cronk, President and CEO of Poe & Cronk Real Estate Group and an acknowledged authority on real estate trends, told an audience of 200 at Ferrum College to “beware of ‘shadow inventory’” in the real estate market. Cronk did not offer a timeline for when he thought the market might right itself but said that shadow inventory, a term commonly used to refer to the large number of properties which are soon to be in foreclosure, could keep the market depressed longer than most people would like.
Cronk ‘s comments came during his keynote address to an audience made up of Ferrum College students, staff, administrators, and members of the community. His appearance was part of the Ferrum College Executive in Residence Program, which brings notable and engaged business leaders to campus. He also visited three business classes, where he participated in discussions with students.
“I was impressed by Ferrum,” said Cronk. “It is a beautiful campus and I enjoyed the interaction with the students, who asked very insightful questions.”
Cronk served as president of the National Association of Realtors in 2000, and has appeared on numerous media outlets including ABC’s Good Morning America, NBC’s Nightly News and CBS and CNN networks, where he has been asked to address the state of the Real Estate Industry. He has lectured on many real estate topics throughout the United States, North and South America, Asia and Europe. Virginia Governor Bob McDonnell recently appointed Cronk to the Board of Trustees of the Roanoke Higher Education Authority.
“Dennis brings a lot of insight on both the real estate market and higher education,” said Tom Cosgrove, Ferrum’s Director of Corporate Relations. “It’s a great opportunity for Ferrum students to be able to speak directly with one of the leaders in the industry.”
Ferrum’s next Executive in Residence will be John Williamson, Chairman of the Board, President and CEO of RGC Resources. Williamson will visit the College on November 10th.
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