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Wednesday, October 12, 2005

Hot Market, Soft Landing

David Lereah, chief economist for NAR shared some of his thoughts in Realtor Magazine about our current market and what we can expect.

According to Lereah, there are only two things that can bring down a strong market.
1.) A rise of 2-3% in interest rates
2.) A large drop in jobs (about 4-6 %) accompanied by a significant recession.

Lereah states that neither of these situations are in our country's future. 207,000 new jobs created in July (largest gain since April).
Interest rates have risen only a fraction and are currently are sitting at 6%.
Home values will continue to rise although at a slower pace.

David Lereah, Chief Economist of National association of Realtors


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