Tuesday, August 09, 2005

NAR in Major CYA Mode

When the president of the NAR (David Lereah, aka "RE Cheerleader") comes out with a major CYA statement, buyers and sellers had better listen.

Some choice quotes:
"Aug. 9, 2005--Home sales are expected to trend down from record levels during the second half of this year, but easily set annual records for both new- and existing-home sales, according to the National Association of Realtors(R)."

"David Lereah, NAR's chief economist, said home sales should be fairly stable in the near term. "The housing market is probably close to a peak right now in terms of sales activity, but there is tremendous momentum," he said. "Sales are expected to coast at historically high levels into next year, but they will trend slightly downward.""
This doesn't even make sense; so the housing market is going to tank but it's always a good time to buy or sell, basically to do whatever increases a broker's commission:
""It's a great time to sell, but it may be a better time to buy about a year from now when the market should come closer to balance. However, postponing a purchase for another year would mean higher borrowing costs, so there are advantages to getting in now - it all gets down to a buyer's needs, resources and time horizons.""

3 Comments:

Blogger David said...

nice post. :-)

Aug 9, 2005, 12:36:00 PM  
Anonymous Anonymous said...

Marinite, just want to let you know that I check out your blog every day. Good work! Traffic will increase sooner or later.

Aug 11, 2005, 1:22:00 AM  
Anonymous Anonymous said...

The Calif. Association of Realtors released their monthly report on affordablity for June 2005. It shows that only 10% of Californians could afford to buy a median-priced home in Marin, assuming a 30-year fixed mortgage and 20% down.

Aug 11, 2005, 9:43:00 PM  

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