Finance

Home buyers are taking advantage of falling rates, analyst says

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A contractor uses a hammer while working on townhouse under construction at the PulteGroup Metro housing development in Milpitas, California, Oct. 25, 2018.

David Paul Morris | Bloomberg | Getty Images

While Wall Street panics about falling rates, Main Street is benefiting, especially in the housing market, according to housing guru Ivy Zelman.

She says every quarter-point cut in mortgage rates is equivalent to a 3 percent drop in the price of a home.

“Right now housing prices are down for the consumer more than 10%, so it makes it much more affordable,” Zelman, told CNBC’s Diana Olick on Wednesday. “We are seeing very good activity, especially in the low end of the market.”

Zelman is known…



Source cnbc.com

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