With a recent rise in interest rates, the housing affordability index can be expected to slide but remain very favorable.
More Quotes from David Lereah:
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.David Lereah
With 30-year fixed mortgage interest rates a little under 7.0 percent, and expected to stay near this level for the balance of the year, we project existing-home sales to nearly match last year's performance.
David Lereah
It's a simple matter of supply and demand. We continue to have more home buyers than sellers in most of the country, which results in tight housing inventories and higher rates of home price appreciation.
David Lereah
So, 2005, when we look back, was the best year in housing in recent memory, probably of all time.
David Lereah
The good news is that inventory levels are improving and housing supply will come closer to buyer demand in 2006. We expect a healthy and more balanced market next year.
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
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