Chief economist of the National Association of Realtors, Lawrence Yun, stated
“Tight mortgage credit conditions have been holding back home buyers all year, and consumer confidence has been shaky recently,” he said. “Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely. This demand could quickly stimulate the market when conditions improve.”
Mortgage rates are expected to gradually rise over the next year.
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