Home buyers are taking advantage of falling rates, says housing market analyst Ivy Zelman

Falling rates are a good thing for the home buyers, notes housing market analyst Ivy Zelman.

"Right now, housing prices are down for the consumer more than 10%, so it makes it much more affordable," Zelman told CNBC's Diana Olick on Wednesday. She says every quarter-point cut in mortgage rates is equivalent to a 3 percent drop in the price of a home. Zelman is known for predicting the 2005 housing peak and the 2012 housing bottom. She is the founder or Zelman & Associates, a research firm that surveys housing market experts for institutional investors and corporate executives.

Falling housing prices indicates a lack of confidence in the market We are heading into a TrumpRecession And the market is waking up to it

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More signs point to a softer housing market, even as mortgage rates fallBuilders and buyers alike are pulling back, even as mortgage rates fall to multiyear lows. The housing market is simply too pricey, and consumers are starting to worry about the economy and their personal finances.
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