The real estate market will see less volatility but declining prices in Pennsylvania, according to Dr. Austin Jaffe, PAR’s consulting economist.
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The real estate market will see less volatility but declining prices in Pennsylvania, according to Dr. Austin Jaffe, PAR’s consulting economist.
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The sudden collapse of the national housing market initially attributed to mortgage financing problems but later stemming from economic recession and rising unemployment has resulted in lower investment expectations, slower turnover of homes, rising defaults and foreclosures and expanded inventories that are difficult to liquidate.
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The real estate market has had its ups and downs this year, according to Dr. Austin Jaffe, PAR’s consulting economist.
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As you’ve no doubt noticed, each month our depressed markets witness lower and lower mortgage rates. There are several possible factors associated with this phenomenon.
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PHFA has been locking in more than 100 mortgages a week since the low interest rates were announced, according to Kate Newton, PHFA director of Homeownership Programs. Newton anticipates the new competitive rates, some as low as 3.25 percent, will be available through the spring.
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“Not a day goes by that we don’t get a call about foreclosures,” said Nils Frederiksen, spokesperson for the Attorney General’s office. He said the calls have been more frequent since the cooperation between the state attorneys general offices was announced.
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It has been widely reported that houses are getting smaller, a reversal of several years of expanded development.
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“Housing is increasingly going to be viewed as a consumption good,” according to Dr. Austin Jaffe, the PA Association of REALTORS® consulting economist.
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At the beginning of 2010, for a majority of the reporting regions, sales activities were down, however, sales uniformly picked up in the second, third and fourth months.
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