Real estate expert forecasts housing market ‘cooling’ off

Macro Trends Advisors LLC founding partner Mitch Roschelle joined "Varney & Co.," Thursday, arguing that "demand is still outstripping supply" in the housing market, and predicts it's "cooling off."

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MITCH ROSCHELLE: Just think about the sheer economics of the monthly payment…prices have also gone up…it's a double whammy for the homebuyer…I think what we're seeing is people racing out to see if they can find a home because they're worried that interest rates are going to go even higher, and they want to lock in when they can.

You look at pending home sales…that's a leading indicator. We saw existing home sales slowing down a little bit…it's cooling, which may not be a bad thing because, you know, 21% year-over-year price increases really are unsustainable for home homebuyers, especially the important first-time homebuyers. 

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