Weekly Market Update From The Cascade Team Real Estate
Posted by The Cascade Team Real Estate on
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The first quarter was marked by growing optimism about global growth, particularly with strong data pointing to a recovery in the United States. The stronger than expected growth increased speculation the U.S. Federal Reserve might scale back its aggressive stimulus earlier than planned. Mortgage rates increased .25% during the quarter but would have been much more if the Fed were not buying $40 billion of MBS on a monthly basis. The housing market is clearly on a path to recovery. The chart below shows the number of new housing units authorized by building permits over the last two years. Inventory of homes for sale continues to decrease and sales activity is increasing. At the current sales pace, there are 4.4 months…
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