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Charlotte, North Carolina 28269 |
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Housing Market to Remain Strong! Mortgage interest rates have risen sharply in recent weeks, but the increase is expected to leave the housing market largely unaffected. Homebuyers are still clamoring to take advantage of today’s rates, which remain at historically low levels. 2004 will be a record year for homeownership and home sales in Charlotte. Most people believe that an increase in interest rates translate into a decline in home sales. However, the reality is that a rise in interest rates does not hurt the housing market in the context of a strengthened economy. That is because a stronger job market, income growth and increased consumer confidence offset the rise in interest rates. Higher interest rates become more affordable as the economy improves. There are many signs of strength for the housing market. Housing units remain strong and builder confidence, which is measured by the National Association of Home Builder’s Housing Market Index also, is staying at very high levels. Moreover, for the first time since reporting began ten years ago, National Association of Realtors (NAR) reported an increase in home prices in the second quarter of 2004 across every metropolitan area surveyed, as compared to the same quarter in 2003. NAR President Cathy Whatley said that this strong home price appreciation has been driven by the excess of buyers in the marketplace. David Lereah, chief economist for the NAR does anticipate that home price appreciation will slow. “With a modest, gradual rise in mortgage interest rates going into next year (2004), home sales will slow a bit and help to bring the market closer to equilibrium between buyers and sellers,” he said. “This will reduce pressure on home prices and the rate of price increases should slow, but in most areas they’ll still rise a little faster than historic norms.” Jim Dever, Chase Manhattan Mortgage Corp., 4201 Congress St, Ste 100, Charlotte, NC 28209 704-553-1202 ext: 223 704-488-7554 Mobile
Footnote: Information and excerpts taken from Chase’s Real News Volume 8, Number 2 |
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