The existing home sales numbers "give me some reason to believe that we may be starting to see the slowing take place," said Doug Duncan, chief economist with the Mortgage Bankers Association.
"There is no national housing bubble,"
"Strong economic growth means relative incomes are rising, and rising incomes help people meet their mortgage payment"
"We have pointed out that employment is key and economic performance is key and that barring any substantial changes there, we do not believe there will be significant consequences of a slowdown in the housing sector"
"tiny bubbles"Doug Duncan sounds like the perfect spokesperson for the MBA. We will be hearing much more from Doug.
But most buyers, he says, see their homes as a place to live or to retire, with appreciation as "the frosting on the cake"