The (Pending Home Sales) index has been fluctuating in a fairly narrow range over the last six months -- a very high range -- so the overall market is moving forward with a lot of momentum.
More Quotes from David Lereah:
Changes in the overall direction of the housing market are akin to a large ship making course corrections - it takes some time for the driving factors to materialize as a change in the sales level. In many recent transactions we're looking at a delayed effect of mortgage interest rates that peaked in November but are now lower than expected. Mortgage applications have trended up in recent weeks, so we shouldn't be surprised to see pending home sales rise in the next couple months.David Lereah
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.
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
We're bringing the demand and supply more in balance with each other. We can gradually see price appreciation decline a bit, but in a gradual, manageable way.
David Lereah
We have some way to go before we get into a range of balance between home buyers and sellers. As a result, we will continue to see above-normal home-price appreciation for the foreseeable future.
David Lereah
In my opinion it's terrible timing--it's almost irresponsible. That would do severe damage to a lot of the local markets across the nation. We are looking at probably a 10 to 15 percent drop in home prices.
David Lereah
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