By Octavio Nuiry, Managing
Editor, RealtyTrac Foreclosure News Report
 |
| Octavio Nuiry |
Housing affordability is fading rapidly for hundreds of thousands
of homebuyers in some of the nation's pricier metros as three important measurable
real estate variables —home prices, mortgage interest rates and household
income — collide to form a perfect storm in a handful of high-priced real
estate markets.
Tight inventory, pent-up demand and investor activity —both
domestic and foreign — is driving more and more buyers to the sidelines.
In
certain costly metros — including Los Angeles, New York, San Francisco and
Washington, D.C. — prices are appreciating at rates not seen since 2000, when
the housing bubble was being inflated by then-Federal Reserve chairman Alan Greenspan's subprime- driven housing
expansion.
Now, as then, homebuyers longing for the American Dream are
increasingly thwarted by rising prices, multiple offers, the fear of rising interest rates and a virtual housing run, creating frenzied demand
by institutional cash buyers that has pushed prices to double-digit annual gains in some of the nation's most
expensive housing markets.
For a complete copy of the
company’s news release, please contact:
Jennifer von Pohlmann
PR Manager
Office: 949.502.8300 ext 139
No comments:
Post a Comment