The retreat in housing-market activity that's now under way amounts to a simmering-down process from unsustainable market conditions in 2005, rather than a classic cyclical contraction that could spiral down for some time.
More Quotes from David Seiders:
I basically have a wait-and-see attitude with some healthy suspicion about this report. Either there is something that all of those other reports are not telling us, or this will get revised.David Seiders
We're certainly seeing a record rate of return in real terms (after factoring out inflation), and there has been very little sign of deceleration. But it is probably inevitable that some of this will slow down.
David Seiders
The warmest winter weather on record is what is driving a lot of this. I think that is the key factor behind this very strong surge in housing market activity, and as we move forward I think we're going to see these numbers come back down a lot.
David Seiders
The home-ownership rate has edged down a bit from its high in early 2004, and we're seeing more people moving into rental housing.
David Seiders
It was impossible to maintain double-digit price inflation like we've seen the past few years.
David Seiders
When looking at these numbers, you have to step back and focus more on trends than on month-to-month shifts to see meaningful patterns. This government report traditionally has lots of month-to-month volatility and is subject to substantial revision.
David Seiders
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