A likely shift in the mortgage market is creating ‘prisoners’ in housing
|05/29/2017||Posted by BusinessMediaguide.Com under General World News||
The housing market’s comeback after the financial crisis has turned out to be a mixed bag.
Prices have recovered to pre-housing-crisis levels. But with slow wage growth, that means there are fewer affordable houses available to buyers, especially in bigger cities.
On the surface, the price trend ought to be good news for existing homeowners looking to sell. However, the likely rise in mortgage rates from historic lows means that there will be less incentive to move, according to Mark Fleming, the chief economist at First American.
“You do become a prisoner in your home because of rates,” he told Business Insider. read more >>>