Residential financing to profoundly impact homeownership [Video]
Posted on Monday, December 12, 2016 at 7:33:00 PM
Residential financing has been a miracle story of sorts, as the American economy fought back from a crisis to regain its footing in the homeownership arena throughout the past few years. However, more and more analysts are beginning to show their concern about the availability of real estate, as well as the negative impact such quickly increasing mortgage rates might have on residential real estate in the next 12 months.
The Wall Street Journal recently reported that the residential real estate market is already relatively thin, with some regions experiencing shortages in the number of properties available compared to the volume of buyers. According to the news source, this might become even more problematic because current homeowners have desirable rates on existing mortgages, and will thus be less likely to sell their homes and purchase new ones with financing programs that have much higher interest.
Homeowners and individuals who are considering the purchase of a house should always work with a trustworthy professional from their local bank to determine the full spectrum of financial implications involved, especially when it comes to mortgage management.