More Spin From David Lereah
NAR's October existing home sales showed a seasonally adjusted increase in home sales of .5% from September, a median sales price decline of 3.5% year over year and inventories of unsold homes increased 1.9% to 3.854 million, representing a 7.4-month supply at the October sales rate. This is largest months' supply since April 1993.
Lereah On Sales: "The present level of home sales demonstrates some confidence in the market, but sales are lower than sustainable due to psychological factors."
“The present level of home sales demonstrates some confidence in the market, but sales are lower than sustainable due to psychological factors,” he said. “The demographics of our growing population, historically low and declining mortgage interest rates, and healthy job creation mean the wherewithal is there to buy homes in most of the country, but many buyers remain on the sidelines. After a period of price adjustment, we’ll see more confidence in the market and a lift to home sales should be apparent in the first quarter of 2007.”
“‘As expected, existing-home sales appear to be stabilizing, fingers and toes crossed,’ said Lereah. Falling prices are ‘a good thing,’ Lereah said
Falling prices are good thing? Tell that to all the f*cked borrowers who you encouraged to take out toxic mortgages and some of them now have negative equity. Lereah you shopuld be ashamed of you deception, shame and folly. You have lost credibility. The Realtors should choose someone else to lead them.
Freeloing Roomate wrote: "In Lereah’s own words months-supply is the most important statistic. Months-supply continues to rise. The market fundamentals are deteriorating according to Lereah’s own metrics."