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...
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.
best housing recent year
So, 2005, when we look back, was the best year in housing in recent memory, probably of all time.
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.
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.
expected good health housing modest sales volume year
A modest downtrend to a sales volume that is expected to be the second-best year ever in 2006 will be good for the long-term health of the housing sector.
activity current eight expected good health higher home housing modest months pace remains sales strong volume year
The current pace of home sales activity remains historically strong - only eight months have had a higher sales pace. A modest downtrend, to a sales volume that is expected to be the second-best year ever in 2006, will be good for the long-term health of the housing sector.
activity deal great picked regions
The nearby regions picked up a great deal of activity very quickly.
annual area biggest increase metro
This is the biggest annual home-price increase in any metro area on record.
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.
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.
brakes hot tapping
The slowdown amounts to a tapping of the brakes on a hot market.
buyer census changed data definition determine examining homes investment larger mostly number second share shift toward vacation
Our definition of second homes has changed with the buyer shift toward investment property, ... In examining Census data to determine the number of investment units, we see that second homes are a much larger share than the conventional mind-set of them being mostly vacation homes.