Housing Confidence Continues Upward Trend

This article comes from https://finance.yahoo.com/ and it talks about the consumer confidence going up for real estate.

“ “This month’s increase in the HPSI was the largest in over two years, primarily driven by consumers’ more optimistic mortgage rate expectations,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “An increased number of respondents indicated they think mortgage rates will go down over the next year, a belief that could be due to a combination of factors, including an awareness of decelerating inflation, market suggestions that monetary conditions will ease in the not-too-d”

The real estate market has a big play in the economy and this is good news. When you see a low in homes being sold is because there is limited inventory. May 1st Cleveland Metro had just a bit over 3100 homes on the market. An average market is about 6500 homes. What happens when there is not enough of anything? Prices go up.

The issue going forward will be getting more homes on the market. People that have a 2% or 3% will continue to keep their homes. I personally have a 3% and love the rate and payment. That is why I did not pay cash. I could borrow the money at that great rate.

“ Duncan continued: “However, the bump in optimism may prove to be temporary, as consumers continue to…