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Real estate in 1986Tests 1987 outlook and turmoil
Real estate in 1986 faced turmoil with mortgage rate drops to 9 percent for government loans and 9.5 percent for conventional loans. Lenders tightened, closing costs rose, and FHA funding issues sparked early anger. By year end, Southwest markets declined while New England values surged to around 150000. Analysts expect 1987 rates to dip to 8.0–8.5 percent briefly before rising toward 11.5 percent, with a possible slight sales drop and tax reform chilling single-family purchases.
MENTIONED IN THIS ARTICLE
New England
Southwest
Federal Housing Administration
Midwest
Scripps Howard News Service