“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,” he added.
1. Home prices have always been and always will be in positive territory. The cost of a home has never been negative.
2. Annual apprecation will be slower than histroric norms. Historic norms are right about at inflation. However, Lereah knows that average Jane perceives the historic norm to be 20% y-o-y.
So, Lereah gets what he wants. He makes a statement in the media that he could never be held accountable for in an court of law, and the average Joe believes it’s all business as usual.
If I were a realtor, I’d be pissed that the talking heads of my organization are a bunch of babblers whose statements are disconnected with the challenges the realtors are facing on the street.
