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Houses can’t buy themselves. Low interest rates can’t shop for homes to buy. Available credit won’t spontaneously buy homes. Low housing prices don’t buy homes. Secondary markets by themselves don’t incent people to buy homes. Big inventories can’t write a check for the mortgage. Households buy homes. And if households don’t buy homes, then mortgages aren’t originated.[i]
[i] Hedlund, Dennis. Everybody Out of the Pool (Mortgage Banking, December 2011), 46.