David Lereah
David Lereah
David Lereah is the President of Reecon Advisors, Inc., a real estate advisory and information company located in the Washington, DC area. Lereah was previously an Executive Vice President at Move, Inc. and before that, Chief Economist for the National Association of Realtors. Lereah served as the NAR's spokesman on economic forecasts, interest rates, home sales, mortgage rates, as well as other policy issues and trends affecting the United States real estate industry. Lereah was also the Chief Economist for...
home affirmation pending
The drop in pending home sales is an affirmation that we are experiencing a modest slowing in the housing sector.
appreciation wall home
The steady improvement in [home] sales will support price appreciation...[despite] all the wild projections by academics, Wall Street analysts, and others in the media.
mean years mortgage
If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years,
years growth next-year
With sales stabilizing, we should go back to positive price growth early next year.
real believe years
I believe that in years to come, historians will see the beginning of the 21st century as the ‘golden age’ of real estate.
home mountain-peaks levels
Home sales are coming down from the mountain peak, but they will level out at a high plateau - a plateau that is higher than previous peaks in the housing cycle.
causing demand five interest last market met modest mortgage rates rise
A lot of demand has been met over the last five years, and a modest rise in mortgage interest rates is causing some market cooling.
although conditions housing interest last mortgage rates remain risen
Although mortgage interest rates have risen in the last month, housing affordability conditions remain favorable.
egg goes interest middle mortgage nest reduced retirement taking value whether
You're going to be taking away from Middle America. Everyone, whether you use the mortgage interest deduction or not, the value goes down. You've just reduced the retirement nest egg for everyone.
bit coincide coming demand factors interest job lower mortgage performance positive powerful rates recent record together
A new record is a bit unexpected, but so is the performance of mortgage interest rates which have been lower than forecast. When we look at recent job gains, we see all the positive factors coming together to coincide with a powerful demographic demand for housing.
annual area biggest increase metro
This is the biggest annual home-price increase in any metro area on record.
coming continues cooling economy expect job markets pick though worry
Some of the cooling is coming from non-boom markets such as Detroit, where there are job problems. I do worry about those markets if the economy continues to slow, though we do expect the economy to pick up in the first quarter.
best housing recent year
So, 2005, when we look back, was the best year in housing in recent memory, probably of all time.
both earlier expected half interest mortgage rates records rise sales second slower year
Not only have mortgage interest rates declined, but an expected rise in the second half of the year will be slower than in earlier projections. As a result, we now expect to set records for both existing- and new-home sales this year.