Energy prices, other factors affecting housing demand

Energy-prices-300x225By Jann Swanson | Mortgage News Daily

Could lower energy costs translate into a more lively real estate market? It seems logical – the less consumers must spend to keep their cars moving and their houses warm the more they can save toward or spend on owning a home. CoreLogic Senior Economic Molly Boesel takes a different approach to the question, one revolving around the cost of commuting, in an article in the company’s blog Market Pulse.

Boesel says that home heating oil prices in the first week of November were 40 cents lower than they were at the same time in 2013 and that in the four weeks before her article was written the average price of gasoline had fallen by almost 30 cents to just over $3 per gallon, the lowest since the end of December 2010. (After last Friday’s energy bloodbath AAA puts the average price at $2.769). However, she sees only gasoline prices as having a direct impact on housing choices.

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