Hold on, doomsayers, we’re just entering a ‘period of adjustment’

Realtor Tom Stevens could have used a little coaching from a public relations advisor before addressing a Senate panel on the housing economy.

Stevens, apparently a master of understatement, explained that the realty market is entering a “period of adjustment.” Then he added, “I have experienced this firsthand, as my prior home has been on the market in northern Virginia for over a year.”

Thomas is the president of the National Assn. of Realtors. (We presume that somebody has suggested that he might have to lower his $1.45-million asking price. Or change agents.)

He also told the senators that one-third of the country (by population) is seeing rising home sales. That includes Alaska, Vermont, New Mexico and many states in the South, except Florida.

But reliance on adjustable-rate mortgages to buy in pricey markets is taking a toll, he said. “With rising mortgage rates, home buyers are becoming exhausted financially, which explains why sales have tumbled in high-priced regions of the country.”