Housing affordability faces uncertain future

Since the beginning of the year, the housing market has sheltered people from the effects of a sluggish economy, uncertain international events and war. With 42,955 recorded sales in third quarter 2004, the Greater Phoenix housing market slowed slightly from the record 44,760 sales for the previous...

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Bibliographic Details
Published in:AZB, Arizona Business Arizona Business, 2004-12, Vol.51 (12), p.4
Main Author: Butler, Jay Q
Format: Article
Language:English
Subjects:
Affordable housing
Bond markets
Condominiums
Economic conditions
Economic statistics
Economic trends
Family income
Federal Reserve monetary policy
Households
Housing
Housing prices
Interest rates
Investments
Median
Mortgage rates
Real estate sales
Single family
States
Stock exchanges
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Summary:Since the beginning of the year, the housing market has sheltered people from the effects of a sluggish economy, uncertain international events and war. With 42,955 recorded sales in third quarter 2004, the Greater Phoenix housing market slowed slightly from the record 44,760 sales for the previous quarter, but remained well ahead of third quarter 2003's recorded sales total of 33,435. Low mortgage rates continued to allow people to fulfill their housing dreams. Additionally, homes are a popular form of investment, both for owner/ occupants and investors. While the current level of activity indicates a market of continuing potential, there is concern that the housing market will begin to slow later this year, when potential homeowners with stagnant incomes are faced with higher home prices and mortgage rates.
ISSN:1079-4255