So long as the South remains affordable and the number of available jobs remains steady we forecast continued growth in Atlanta.
More Quotes from Lawrence Yun:
You're seeing two separate markets. One is in the coastal regions where you're seeing a substantial decline in home sales. The second is in the middle part of the country, in the affordable regions, where the job market is more important than interest rates.Lawrence Yun
People are moving out of these regions to the South and the West. They're putting more supply on the market at the same time there is less demand.
Lawrence Yun
Any time there's job creation, historically prices don't go down.
Lawrence Yun
Our experience says prices do not go down when there's job creation in the local economy. In local markets where they are flat on jobs, they could see prices decline. But we're projecting 2.3 million new jobs this year. The job market is providing a buffer. It's a counter force to rising rates.
Lawrence Yun
The market clearly has some legs left. Buyers who were sitting on the fence, hoping mortgage rates would decline, have decided to make the move now.
Lawrence Yun
One thing that we noticed is the amount people put into down-payments, which was about 20 percent during the stock-market boom, rose to 22 or 23 percent when the economy declined. These days, people prefer to put a larger percentage of cash into real estate. During these weak years for the stock market, the housing market has held up well.
Lawrence Yun
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