If the government actually follows through with pushing interest rates down to 4.5% I believe that will be a great boost to the housing economy. It will help us in easing our supply of homes and therefore slow or stop the depreciation we are currently experiencing. If thing stop depreciating there will be less foreclosures and more people will decide to stay in their homes instead of throwing in the towel. That will lessen supply even more. If it happens it will be good.
The market has been a little sluggish for the past month, but it is still better than last year! People are still buying homes and getting mortgages.
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