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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: MSI who wrote (1264)	12/29/2001 9:21:13 PM
From: Tradelite	Read Replies (1) \| Respond to of 306849

I'm not Grace, but I can make a comment based on experience. Housing prices probably won't go up for a while at the rate they have been over the past few years, but a housing shortage in the lower-priced to mid-priced ranges is probably in the cards and will affect prices somewhat. Washington Post real estate section today does not appear on the Post website (wonder why?), but the lead story in the real estate section was about the near-term future of real estate in our area. The most-often quoted statistical guru from a local university gave figures predicting more jobs will be created in our metro area than the builders can supply homes to accommodate. One builder's rep was quoted as saying that "unfortunately" the firm was having to look for buildable land in far outlying counties, due to a shortage in the most sought-after areas. It's pretty clear what this situation will do to prices. One more comment: I've never seen buyers back off from buying homes just because of interest rates. Rates are a fact of life, and not that many people get all excited about them. Rates are historically low right now. When I first bought the home I live in now, I took out a 30-year loan at 9.25 percent and didn't blink. Neither did anyone else for years after that.