By Paul Maryniak | Ahwatukee Foothills News
A cautious optimism prevails over the Phoenix Metro housing market as inventory and demand increase.
But the outlook for any significant reduction in mortgage interest rates in the near future appears cloudy at best, according to local and national experts.
The Cromford Report last week echoed national analysts in cautioning against too much optimism despite a steady increase in inventory and demand in January.
Adding to the cautionary assessment of the housing market was a warning Feb. 2 from the chief economist of the Mortgage Bankers Association, who said he’s not anticipating any big mortgage interest rate reduction in the near future.
For buyers, the most recent forecasts locally and nationally appeared to boil down to good news-bad news: While home prices won’t be skyrocketing this year, they likely will still trend upward.
