Industry News

Real estate boom not over yet

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WASHINGTON, D.C. -- David Lereah, chief economist for the National Association of Realtors, is getting to be a very popular guy these days.   "Everywhere I go, people are asking, 'Is the housing boom coming to an end? Is the roof caving in?" he said Thursday, during a meeting at the National Association of Realtors midyear conference in Washington, D.C.   Lereah's economic forecast doesn't predict doom and gloom for this boom. Relating this fear of a collapsing market to the panic in the aftermath of H.G. Wells' "War of the Worlds" radio drama, Lereah said, "A little information can be very, very dangerous."   While it's true that mortgage interest rates are rising, it doesn't signal the end of the housing market, he said.   In fact, the market has "wings," Lereah said. "I define a boom as not something that's going out of sight, but as a healthy expansion," he said. "Will real estate continue to expand in a healthy manner? Yes."   Interest rate increases shoul...