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[quote=Anonymous][quote=Anonymous][quote=Anonymous]No. When people's net worth falls they are not going to go buy a house.[/quote]

This. Studies have shown that the state of the economy (and not interest rates) is the biggest driver of housing prices. That's why housing prices have gone up so dramatically until now, even as interest rates have been relatively high. So if this stock market plunge is sustained, there will be a decline in real estate prices.[/quote]

The delusional homeowners who want up up up up up in home values forever need a really check. Hopefully this will further increase inventory once prices actually go down as opposed to relentlessly going upm as of now we are only seeing a slowdown in growth of home prices. For people on the sidelines to be able to afford a house in this market home values and prices actually need to go down. But then these buyers will only take advantage if they are still employed because during a bad recession one needs to worry about keeping their job first.

If interest rates go down to 5.9% without points by Dec that will be amazing. The 10 year yield is moving downward. And that's the rate that matters most for mortgage rates. And ironically that's the rate the administration desperately wants to see substantially down.[/quote]

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