Good news for real estate investors

The real estate market appears to be stablizing, according to David Lereah (NAR Chief Economist).  The numbers for home sales are still expected to modestly decline through the rest of the year, however.

There is expected to be a 7% decline in existing home sales this year and new home sales are expected to more strongly decline by almost 13%.  

The rising interst rates, expected to hit 7% for a 30 year mortgage by December, are blamed as well as the rising unemployment rates.  

And, while this does sound bad, the decline is a market correction that has been expected to be much worse.  And, even though we will be seeing a bit of a pinch, the market will probably lack the volatility we all feared, so this slight decline is certainly good news for anyone looking to sell or buy a home.

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