David Lereah Quotes
In the handful of areas with price declines, none had previously experienced rapid price growth. In fact, they were all lower-cost areas experiencing one or both of the conditions necessary for temporary price softness -- local economic weakness, mainly in jobs, or a large supply of homes available in the local market. 
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Handful | Areas | Price | Declines | Previously |
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Low interest rates, strong demand, high consumer confidence and an improving economy are setting the stage for another record year in existing home sales.
- David Lereah
Changes in the overall direction of the housing market are akin to a large ship making course correctionsit takes some time for the driving factors to materialize as a change in the sales level. In many recent transactions we're looking at a delayed effect of mortgage interest rates that peaked in November but are now lower than expected. Mortgage applications have trended up in recent weeks, so we shouldn't be surprised to see pending home sales rise in the next couple months.
- David Lereah