The drop in pending home sales is an affirmation that we are experiencing a modest slowing in the housing sector.
More Quotes from 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
Mortgage interest rates were at the highest level since the third quarter of 2003. At the same time, we've seen strong double-digit appreciation in home prices, so a modest slowing from record sales was to be expected. The good news is that home sales are being sustained at historically high levels.
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
If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years,
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
The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.
David Lereah
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