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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