Stan Humphries, Chief economist at Zillow, talks about his housing market predictions in the Fox Business video below.
The housing market is still shaky as the 30-year fixed-rate mortgage continues to fall and interest rates are not getting any lower, says Humphries. Craig Jarrell from Texas-based Iberiabank Mortgage believes the main problem is unemployment which is leading to foreclosures. Jarrell says, "It doesn't matter how low the rate is, if you don't have a job, you can't buy a house, and if you can't sell your house, you can't buy a house." Humphries added that another tax credit would "be a waste of money," and would not help the situation. His housing market predictions are that it will clear up on its own, "through a natural process."
If you have any questions regarding the housing market in Miami or would like information on Miami or Miami Beach real estate please do not hesitate to call MLR Realty at 305-673-3303 and speak with a professional Realtor.
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