First American Chief Economist Mark Fleming was interviewed on Yahoo! Finance last week, explaining why the April existing-home sales numbers are likely the trough in this cycle and that signs point to a strong May rebound for the housing market.
“Monthly data that looks back 3-4 weeks is old news. We know from the faster moving data – mortgage applications, showings, bidding wars – that April really was the trough, I think, for the housing market. The existing-home sales numbers reflect that now, but we do expect the rebound to be quite strong in the May numbers that will come out at the end of June.”