The KCM Blog - A Few
Comments on the Impact of Rising Interest Rates
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Posted: 14 Aug 2013 04:00 AM
PDT
Here are a
few interesting comments on how rising interest rates might impact
the real estate market as we move forward.
Zillow
Dr. Svenja Gudell, Senior
Economist
“As long as mortgage
interest rates don’t rise too far and too fast, most markets should be able
to absorb these changing dynamics while still remaining healthy.”
Fannie Mae
Doug Duncan, SVP and chief
economist at Fannie Mae:
“Consumers have taken the
interest rate rise in stride. Expectations for continued improvement in
housing persist, and sentiment toward the current buying and selling
environment is back on track from its dip last month. These results are
consistent with our own analysis of previous housing cycles, which finds that
interest rates and home prices are not strongly correlated.”
National Association of Realtors (NAR)
Lawrence Yun, Chief Economist:
“Affordability conditions
remain favorable in most of the country, and we’re still dealing with a large
pent-up demand. However, higher mortgage interest rates will bite into
high-cost regions of California, Hawaii and the New York City metro area
market.”
Trulia
Jed Kolko, Trulia’s Chief
Economist:
“If you were worried about
a housing bubble, July’s asking-price slowdown will probably be the best news
you’ve heard this year. The asking home price slowdown in July could be the
start of the return to normal price gains. The blazing fast price increases
we’ve seen in recent months could not last, especially with rising mortgage
rates, expanding inventory, and declining investor interest.”
Movoto
David Cross, Chief Writer
“Going forward, we expect
prices to continue to move laterally on a month-over-month basis. Higher
mortgage rates and increased inventory will keep prices from increasing at
the same pace we saw in the first half of the year.”
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