ST. LOUIS, MO. (KTVI)- Right now begins the height of the housing market real estate season in St. Louis, when more houses are being bought and sold that anytime of the year. The St. Louis market is especially hot at the moment as there are more listings and better prices than any time in the last few years. The mortgage money market availability is also getting ready to jump. Experts disagree on where rates are going.
A survey of consumer expectations released this week by the Federal Reserve Bank of New York shows consumers feel pretty good about the stability of the U.S. housing market. However, The New York Post editorial board just published this blistering warning that the Obama administration is setting up the country for another mortgage crisis.
To explain the latest trends in the market and what that means for the future, Seth sat down and spoke with Chris Purcell. Purcell is the senior Vice-President of mortgages at Central Bank of St. Louis.
New figures show that in the first quarter of 2016, closings on homes were up 10 percent while prices were up five percent. According to Coldwell Banker Gundaker President Jim Dohr, that combination pushes the market's winning streak to six months.