Chief Economist Brad Dillman weighs in again on Yahoo! Finance's The First Trade to share his perspective on July's home sales surge and the reasons behind America's housing boom:
"Housing sector veterans say what we are witnessing across the country may not be as bizarre as it first appears, however.
'I see three reasons why this is happening. We all know low mortgage rates have definitely been helping the housing market. Second is the old pent up demand argument,' explained Cortland chief economist Brad Dillman on Yahoo Finance’s The First Trade. Dillman is the former director of research at homebuilder PulteGroup.
Dillman adds, 'And finally, we are seeing new home sales and new supply really starting to come to the market.'
The latest reads on housing — in large part fueled by the three trends Dillman points out — have been nothing short of eye-popping."