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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (1122)12/6/2001 2:35:48 PM
From: J. P.Read Replies (2) of 306849
 
Are you saying that the asking price for a house with mortgage rates at 6.5% is the same with mortgage rates at 7.5%. Wouldn't that make the monthly payments higher and deter would be buyers?

I really don't know the answer, just asking. The prices in Chicagoland seem to be just a tad easier, particularly on the higher end, but the asking prices still reflect about a 100% increase over the last 4 years or so.

Another question: If real estate historically appreciates in the single digits annualy, why would double digit gains over the last few years be "sticky"?. What was different in the last 4 years that made this rapid rise in prices justified? Again, I'm not being sarcastic, I'm just really scratching my head on this one.
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