“It’s premature to say we’ve hit the bottom of the housing market,” Perriello said. “We’ve seen encouraging signs but when we dig down, those transaction volumes are confined to a narrow band of home sales at the lower end of the market, such as REO, short sales and first-time buyers. We haven’t seen any evidence of spillover to the move-up buyer, second-home buyer and luxury segment.”
He added, “Is what we’re seeing in the market sustainable, and when will we see that spillover occur? Until those questions are answered—with operating results, I feel it’s too early to call a bottom to the market.”
