HOUSINGNEWS REPORT
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Recession Fears Rising: How Housing Will Hold Up
BY PETER G. MILLER, STAFF WRITER
For nearly a decade real estate has largely been on the upswing. Armies of people who now sell mortgages and broker real estate, who handle closings, build homes and collect taxes, have never seen a down market. The current economic expansion began in June 2009. As of July it’s the second- longest expansion in U.S. financial
history, and if it continues through June 2019 it will be the longest.
mortgage rates in June 2009 stood at 5.42 percent versus the 2017 average of 3.99 percent. Despite 2018 rate increases, mortgage rates reached only 4.57 percent in June. Higher rates have a real and visible marketplace impact. According to Lawrence Yun, NAR’s chief economist,
It’s said that a rising tide lifts all boats, a notion which in terms of real estate is hard to dispute. Existing home prices in June, according to the National Association of Realtors (NAR), were up year-over-year for the 76th consecutive month. Freddie Mac reports that
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AUG 2018 | ATTOM DATA SOLUTIONS
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