Lawrence Yun, NAR chief economist, said changes in affordability - TopicsExpress



          

Lawrence Yun, NAR chief economist, said changes in affordability are impacting the market. “Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines,” he said. “The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of eligible buyers.”NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif., said more repeat buyers are using cash. “The overall percentage of cash purchases has been fairly steady, as has the share of first-time buyers, but the investor share has been trending down since February
Posted on: Thu, 22 Aug 2013 21:31:45 +0000

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