A new record is a bit unexpected, but so is the performance of mortgage interest rates which have been lower than forecast. When we look at recent job gains, we see all the positive factors coming together to coincide with a powerful demographic demand for housing.
More Quotes from David Lereah:
Last year was the second lowest year on record since Freddie Mac started tracking mortgage interest rates in 1971, and that is one of the fundamental factors in the favorable market conditions that we expect to prevail for this year as well.David Lereah
Part of what we're seeing now is 'fence-jumping' from people wanting to buy a home before interest rates move higher. Even with an additional rise in recent weeks, the good news is that mortgage interest rates now appear to be leveling out in the 6.3 percent range.
David Lereah
You want to make sure homes are affordable when they start to increase at lofty rates, you start to worry about affordability, ... But certainly, right now, the fundamentals are so good in housing that if we have a drop-off in price gains, it's still going to be at healthy levels.
David Lereah
We have some way to go before we get into a range of balance between home buyers and sellers. As a result, we will continue to see above-normal home-price appreciation for the foreseeable future.
David Lereah
So, 2005, when we look back, was the best year in housing in recent memory, probably of all time.
David Lereah
There are still lean inventories in a lot of the hot markets and that's why I have a lot of confidence that these balloons won't burst. They're balloons, not bubbles.
David Lereah
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