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.
More Quotes from 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
People have been saying that for 20 years. But in San Francisco, it's very difficult to build, so there's a supply constraint. Seattle is also encountering a supply-constraint situation.
Lawrence Yun
I am confident in saying Atlanta will continue to see growth over the next year. The Atlanta area is less sensitive to changes in the housing market right now.
Lawrence Yun
The supply of homes is very tight for new and existing homes. We will continue to see healthy home-price appreciation. For non-home owners, that's bad news. But for home owners, that's building wealth.
Lawrence Yun
So long as the South remains affordable and the number of available jobs remains steady we forecast continued growth in Atlanta.
Lawrence Yun
In the Midwest, where homes are very affordable and where home prices have risen much slower than the national average, sales are more dependent on job growth in the overall economy.
Lawrence Yun
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