Our in-house tracking of major brokers across the country shows sales activity making some recovery, ... which demonstrates that the underlying demand and fundamentals of the market remain strong.
More Quotes from David Lereah:
The Boomers are in their peak earning years, buying second homes and retiring to Florida. We're seeing a lot of development and a lot of building but demand is greater than supply.David Lereah
The interest rate on a 30-year, fixed-rate mortgage has dropped one-and-a quarter percentage points in the last year -- that means there are about 300,000 additional households who can afford to buy a home today that couldn't qualify for a loan a year ago. Although the slowing economy is causing a little drag on the market, consumers who are confident about their own future are going ahead with big-ticket purchases like homes and cars.
David Lereah
The underlying fundamentals of the housing market are solid and sales will stay historically strong, but they will trend modestly down from current peaks. Masked by the data are early signs that housing is starting to wind down from a boom and will transition into an expansion - in other words, a soft landing.
David Lereah
This is a very tight inventory situation, which is continuing to drive home price appreciation.
David Lereah
For the rest of 2002, we're not expecting any big movements in the month-to-month sales pace, but we still expect above-normal rises in home prices due to a persistence of lean housing inventories on the market,
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
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