As I review the housing numbers each month, I see local housing prices rising quickly and no return of inventory to blunt the increases. Given those conditions, it’s likely that prices will continue to rise in 2013, perhaps significantly. What’s somewhat surprising to me is that my purely mechanical rating system continues to show improvements in market timing. I thought that rising prices would reduce affordability and cause the ratings to drop. That isn’t what’s happening. The declining interest rates have more than offset the rise in prices. In fact, housing affordability as measured by the monthly cost of ownership...
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With the qualified mortgage rules and new possible caps on deductions 2014 will be the year of big changes.
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