Housing Held Back by Hands of Washington

Posted by Round Table Realty on Saturday, October 12th, 2013 at 8:02pm.

Jacksonville, Fl - Regardless of which side you fall on or if its somewhere in the middle, the discord in Washington sends ripples throughout the economy and housing is not immune.  As more and more potential homebuyers open their newspapers, turn on their tablets, or talk to their friends its impossible for them to avoid the feedback that comes frmo the stalemate in D.C.  So if D.C. cant figure things out than how can Jimmy and Suzie figure out what to do with their home hunt?

This effects most major purchases and with house and home being one of the largest of those, it would only make sense that that particular shopping experience would need to be slower and more deliberate.  As Washington goes, so may go the home buying process.  Not to mention that some particular types of loans are backed up or completely frozen due to the impasse.

Lets all hope that its resolved soon and these numbers turn around headed into the end of the year and then Spring '14.

Some data:

At 3.1 percent, the average 12-month home price change expectation continued to fall, decreasing 0.3 percent from last month.

The share of people who say home prices will go up in the next 12 months fell by 3 percentage points to 52 percent.

The share of people who say home prices will go down fell to match July’s survey low at 6 percent.

The share of respondents who say mortgage rates will go up in the next year increased 3 percentage points month over month to a survey high of 63 percent.

The share who say it is a good time to buy a house increased by 1 percentage point to 72 percent.

The share who say it is a good time to sell a house increased by 2 percentage points to 38 percent. -

See more at: http://www.inman.com/wire/consumer-confidence-in-housing-market-suffering-amid-political-conflict/#sthash.K5gpFL7H.dpuf

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