The underlying fundamentals of the housing market are solid and sales will stay historically strong, but they will trend modestly down from current peaks. Masked by the data are early signs that housing is starting to wind down from a boom and will transition into an expansion - in other words, a soft landing.
More Quotes from David Lereah:
The (Pending Home Sales) index has been fluctuating in a fairly narrow range over the last six months -- a very high range -- so the overall market is moving forward with a lot of momentum.David Lereah
At first glance, this level of activity doesn't seem sustainable, but strong market fundamentals and good weather have given us some unusually strong levels of existing-home sales.
David Lereah
Since 1971 there have been only five months when mortgage interest rates were lower, and all of those have been during the last year and a half.
David Lereah
A modest downtrend to a sales volume that is expected to be the second-best year ever in 2006 will be good for the long-term health of the housing sector.
David Lereah
Some of the cooling is coming from non-boom markets such as Detroit, where there are job problems. I do worry about those markets if the economy continues to slow, though we do expect the economy to pick up in the first quarter.
David Lereah
Our in-house tracking of major brokers across the country shows sales activity making some recovery, ... which demonstrates that the underlying demand and fundamentals of the market remain strong.
David Lereah
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