News Summary for September 14
Top news outlets Reuters and SmartMoney.com covered Tom Stevens' testimony before the Senate Banking Committee on the housing market and economy. “After five years of outstanding growth, the housing market is undergoing a period of adjustment and becoming more and more of a balanced market between buyers and sellers,” said Stevens. He continued, “Contrary to many reports, there is not a 'national housing bubble.' All real estate is local. For example, the housing market in California is extremely different from Oklahoma.”
Realty Times wrote an article on the transitioning real estate market entitled “Why NAR Expects Home Sales to Lift from Temporary Dip” that quotes Tom Stevens and David Lereah. “This is a normal pattern during a market correction, but home prices should return to positive territory within a few months and annual appreciation will be slower than historic norms,” stated Lereah.
