Thursday, March 28, 2013
Freddie Mac report turns gloom into bloom for spring
From the Freddie Mac Web Site comes this report -
Low and relatively steady mortgage rates are invigorating the housing market. For instance, existing home sales over January and February experienced the strongest two-month pace since November 2009, while new home sales were the strongest since August and September 2008. This strong demand helped push the S&P/Case-Shiller® 20-city home price index (seasonally adjusted) in January to its highest reading since December 2008. Moreover, the number of consumers expecting to purchase a home over the next six months rose to 5.6 percent in March, the second highest share since data was first collected in February 1964, according to The Conference Board.
Here is a link to the video in which Freddie MAC Vice President and Chief Economist, Frank Nothaft talks about this forecast.
The bottomline for sellers is to get in on this Spring fling and get your house on the market. For the buyers the advice is to take advantage of the low mortgage rates while you can and before the rising house prices put the really nice homes out of reach. It's all good news!