The U.S. government closure is only 10 days old, but it has already begun to erode consumer confidence in the nation’s recovering real estate market. And the longer the shutdown lasts, the more pessimistic Americans are likely to become.
Instead of putting a damper on sales, the prospect of rising interest rates will likely drive homebuyers to make a deal sooner rather than later, making for a busy summer and fall.
The National Association of Realtors says 2012 will set a record for housing affordability as home prices hit bottom and mortgage rates set record lows. And 2013 won’t be far behind in terms of purchasing power.