Quote:
Originally Posted by vintageogauge
For the first 6 months of this year there were 1,690 new homes sold in TV averaging over 9 per day. Interest rates have been artificially low for the last several years. If you search residential mortgage from 1970 through 1999 you will see that they fluctuated from a low of 6+% to a high of 16%, people were earning much less during that period and of course homes were priced much lower but homes were selling. Buyers have just been spoiled for the last several years. I think the resistance is more based on the cost of homes rather than the interest rate as if it goes down re-finance is an option.
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If interest rates go down, not sure that will happen with the huge debt we face.