Leo Loomie, SVP, Client Services at Digital Risk, an Mphasis company was recently quoted in a MortgageLoan.com article, “Is a new housing bubble developing? Experts say no”.
While housing prices are rising rapidly, some potential sellers are concerned that it could send the country into the same kind of housing crisis and recession it saw back in 2007 and 2008 but experts are predicting a slight decrease in housing prices in some markets and a leveling off in others.
“What we have now is an overheated market that I think will level off and plateau,” said Leo Loomie. “There might be some small corrections in housing prices in regional markets. But it’s not a national issue. And that’s a big difference from the housing bubble we saw back in 2006.” Leo said.
“There is pent-up demand in the housing market. The Millennials are finally trying to get out of their parents’ basements and realize the American dream. A lot of folks in starter homes are worried that if they sell, they won’t be able to find a new home to buy. Builders are not building at the rate they once did because of the cost of construction. That all leads to an increase in demand and a lack of supply.” said Leo, providing his expert opinion on the topic.
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