A look at today’s housing market doesn’t forecast an imminent housing crash as many consumers fear, but instead shows a hopeful future, according to Lawrence Yun, chief economist for the National Association of Realtors. 

The biggest concern is pessimistic headlines regarding the market & interest rates. This is causing buyers to retreat a bit. In fact, the market is only experiencing mild adjustments, Yun determined.

If you look at population growth & job growth, it’s clear we aren’t producing enough houses” said Yun.

“Housing starts are under-producing & we are seeing historically low foreclosure levels, indicating people are living within their means & not purchasing homes they can’t afford, said Yun. This is a stronger, more stable market compared to the loosely regulated market leading up to the bust.”

“Home price appreciation will slow down-the days of easy price gains are coming to an end but prices will continue to rise” said Yun. …         

Read full Article by Lawrence Yun Here