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.
More Quotes from 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
If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years,
David Lereah
In the last two years housing has been the beneficiary of a weak economy.
David Lereah
With more buyers than sellers nationally, what we're seeing is a natural pressure on home prices as buyers compete to bid on available properties. Fortunately, the historically low cost of debt service on a home purchase means that we have a comfortable buffer in most of the country because the typical family can afford to buy a home well above the median price.
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
The drop in pending home sales is an affirmation that we are experiencing a modest slowing in the housing sector.
David Lereah
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