Home buyers are taking advantage of falling rates, analyst says


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…


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