In 2007, you'll have positive home-sales growth and you'll have positive price appreciation.
More Quotes from 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
Is this going to send the housing market into contraction No. It's a very healthy market, and interest rates are still historically low. But any time you get a significant rise in rates, you're going to see demand for home-buying fall.
David Lereah
Looking forward the outlook for housing is mixed. I do expect some slowing of home sales and price appreciation going forward.
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
Mortgage interest rates have been on a steady slide since April and reached new historic lows in September, contributing significantly to higher existing-home sales.
David Lereah
I truly believe the housing market will continue to expand. But rather than the double-digit price appreciation we've seen, we might see that drop to a 5 or 6 percent appreciation sometime toward the end of next year.
David Lereah
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