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.
More Quotes from Lawrence Yun:
A cut...won't affect the 30-year fixed mortgage rate at all. According to Freddie Mac, the 30-year fixed rate was 6.8 percent last week, and we think it'll stay about the same. But another interest rate cut could mean a slight drop in the short-term one-year adjustable rate mortgage (ARM).Lawrence Yun
Home-buying is not a snap decision -- people mentally prepare for it and search for homes, and this is a three-to-four-month process. Plus, even with the rise in mortgage rates, they're still below last year's figure and still close to 45-year lows.
Lawrence Yun
I feel comfortable with that, although 40 percent would be in the upper end of possibility. As for the lower end, getting double-digit appreciation will be an easy task for Seattle.
Lawrence Yun
Sellers are stubborn. It takes a long time for sellers to adjust their expectations.
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
Prices have doubled in some Florida markets over the past four or five years, so the 10 percent increase we're forecasting for the state this year might seem kind of small compared to recent trends.
Lawrence Yun
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