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4 Comments on US Housing Starts Drop 1.1% In February, But Building Permits Rise
Things are so tentative Bill, what is your thinking about what would happen to the housing market if interest rates rose by even 1%? How many people would that close out?
Jay, a one percent rise would close out few people and lower the qualification price for others. I am not sure it would do more than temporarily slow real estate sales. There are still a lot of people out there who will buy one way or another. In the eighties, I saw people scrambling for homes at 12% rates.
In 1988 I assumed a loan because it was only 10%!! Thats the same reason I bought a Japanese pick up truck in 1982 - Nissan was offering an interest rate of 10%, far lower than anyone else!
Jay, everything is relative, in 1988 people would stand in line for 10%, in 1981 they would have been happy with 15%. All and all, now are rates are fantastic.