The housing market is changing as we know it. U.S. News and World Report reported a few days ago that we are going to see some big changes in how a home is bought and listed six key points: [Thanks L!]
1. Interest rates are going to rise.
2. Down payment requirements are going to increase.
3. There will be less government support for upper end homes
4. There will be fewer fixed rate mortgages.
5. The homeownership rate is going to decrease.
6. There will be less volatility. [Public policy will discourage bubble- blowing– for now.]
In a real world example of the brave, new mortgage world, M forwarded me an email he received from a mortgage company as part of their “buy now” campaign. Here’s a quote from it: