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...
five interest last months mortgage rates since year
Since 1971 there have been only five months when mortgage interest rates were lower, and all of those have been during the last year and a half.
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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.
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.
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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.
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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.
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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.
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Real estate is still a great investment opportunity for households. Price appreciation will continue. It may not be at 20%. It may ... even go down to 5%.
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...housing activity will remain healthy for some time to come.
inventory gains driving
The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.
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We are really on track for a soft landing. There are no balloons popping.
home affirmation pending
The drop in pending home sales is an affirmation that we are experiencing a modest slowing in the housing sector.
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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.
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If you paid your mortgage off, it means you probably did not manage your funds efficiently over the years,