Existing home sales should stay below the record levels experienced for the last two years, but they'll maintain a historically high pace.
More Quotes from David Lereah:
We knew the September pace for existing-home sales was going to be a big number, but after setting records in July and August we thought the pace might start to slow, ... This underscores the powerful fundamentals that are driving the housing market -- household growth, low interest rates and an improving economy.David Lereah
These historically high home-price gains are the simple result of more buyers than sellers in the market. The good news is that the supply of homes on the market has been trending up and we are entering a period of a more normal balance in supply and demand.
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
So, 2005, when we look back, was the best year in housing in recent memory, probably of all time.
David Lereah
The housing sector continues to be very, very healthy in a very weak economy.
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
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