At the end of 2016, the Federal Reserve announced that it would be raising its key interest rate for the first time since the housing bubble burst between 2005 and 2006. According to an article on Realtor.com (http://nnw.fm/yq2Tv), the interest on a 30-year fixed rate mortgage is expected to grow from under 4.2% in 2016 to anywhere between 4.5% and 5% by the end of this year.
Despite the rise in home prices slowing, they are still expected to go up 4% in 2017. In addition, Realtor.com (http://nnw.fm/xaZG4) reported 12% less available homes for sale in November 2016 than in the previous year. Despite a shortage of homes on the market, the U.S. Commerce Department’s new residential sales report (http://nnw.fm/y746P) stated that permits to put up new residences fell in November 2016. This was accompanied by fewer home constructions during the month, down nearly 20% below the revised October 2016 estimates. With the rise in mortgages and home prices, coupled with the low inventory of houses on the market today, buyers are expected to…
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