"Hot Is Not Correct Term": What Is?
It is interesting to watch the glee turn to confusion as the "experts" realize the sales numbers of the past two days prove them wrong. "'This housing market is so hot that hot is not a correct term for it,' said Joel Naroff at Naroff Economic Advisors."
"The problem is, we are talking about levels that simply are unimaginable, and therein lies the rub. As long as mortgage rates remain low, the housing market will keep on going. However, the pace set in March is likely not to be repeated soon as it was such a huge increase over the previous record. So look for a sharp decline in April," Naroff said.
"'It's certainly not out of the question that the year could turn out to be another record,' said David Seiders, of the National Association of Home Builders.'This is just astounding.'"
"David Lereah said, "My view is there'll be air coming out of a balloon rather than a balloon popping because markets are too healthy right now." Mr. Lereah has said that for sometime; meanwhile the bubble grows.
"'Once I start to see inventories increase in a meaningful way in some areas, then I'll start to see where these balloons might be,' Lereah said. 'Right now I can't find them.'"