Although interest rates are rising modestly, an improving job market is creating a favorable backdrop for home sales, but at a somewhat slower pace in the months ahead.
More Quotes from David Lereah:
Given the demands of a growing population, and with real estate becoming the safe haven for investment, many factors are in place for a continuation of strong home sales.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
The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.
David Lereah
We simply don't have enough homes on the market to meet demand. We think the supply situation may improve next year when interest rates are expected to be higher that should result in a lessening of demand and cooler price appreciation.
David Lereah
Not only have mortgage interest rates declined, but an expected rise in the second half of the year will be slower than in earlier projections. As a result, we now expect to set records for both existing- and new-home sales this year.
David Lereah
I worry about a budget deficit more than anything else, ... If the Bush administration continues to cut taxes and build up military, it will result in a higher budget deficit, which will lead to higher interest rates.
David Lereah
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