Lereah 'worst is behind us' for Home Sales
The NAR released thier September Existing Homes today. Mr. Lereah had this to say:
What will he say next?
“Considering that existing-home sales are based on closed transactions, this is a lagging indicator and the worst is behind us as far as a market correction – this is likely the trough for sales,” he said. “When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market, and sales will be at more normal levels in the wake of the unsustainable boom that we saw last year.”