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-New signs this morning that the housing market is heating up. Home sales are expected to show another monthly spike1 this morning.
Good news for homeowners. Also, a growing risk that buyers could get burned.
Here more with that, our financial contributor,Betty Lou. Betty you know the tough news for buyers, not only the prices have gone up, the mortgage rate is spiking2 too.
-You said it, Gorge,the National Association of Realtors is expected to show that home sales grew by about 1.5% in July. That's a reversal from the decline in June So right now if your home are ***, you're making money off of it.
In the 20 biggest city, home prices have gone up 14%. Two things are happening here. We're adding new jobs and the low interest rates. But as you said, George. They've gone up in the last three months. A 30-year fix-rate mortgage has increased by over 1 percentage point.
If you have a mortgage on a $200,000 house, 20% down, your mortgage payment would have increased by over $100 a month. That's $1,300 a year.
What's driving it? Well, it's interesting because oddly enough, it's because the economy is doing so well.
The federal reserve says, we may actually take the training wheels off this economy while pull back on stimulus3, that's causing interest rates to rise.
We're going to get a better idea of how the fed is thinking because later today, they're going to release the transcript4 of their last policy meeting.
But don't panic yet, right? The interest rates are historically low, the demand is so high that economists5 are saying any slowdown is likely to be temporary.
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1 spike | |
n.长钉,钉鞋;v.以大钉钉牢,使...失效 | |
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2 spiking | |
n.尖峰形成v.加烈酒于( spike的现在分词 );偷偷地给某人的饮料加入(更多)酒精( 或药物);把尖状物钉入;打乱某人的计划 | |
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3 stimulus | |
n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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4 transcript | |
n.抄本,誊本,副本,肄业证书 | |
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5 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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