Housing market approaches fall season, home buying activity stumbles

Nearly 40 percent of households anticipate mortgage rates to increase significantly during the next 12 months.Activity in the housing market often slows during the fall and winter months, and new data indicates the process could already be starting.During August, nationwide home offers declined 4 percent from the previous month, according to a report from Redfin. In addition, scheduled property tours fell 6.2 percent during the same period.”In the past few weeks, we got the first signal that the winter will be relatively strong, which in turn bodes very well for 2013,” said Redfin chief executive officer Glenn Kelman.Despite the decline, the pace was much slower than a year earlier. In August 2011, home offers declined 13.6 percent from the previous month at the onset of the fall season, the report said.?Meanwhile, a survey conducted by Fannie Mae indicates that nearly 40 percent of households anticipate mortgage rates to increase significantly during the next 12 months, which could make it more expensive to purchase property in the near future.Buyers who have been waiting on the sidelines for conditions to improve before purchasing Houston real estate, may want to get the process started in case this prediction comes to pass.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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