Real estate rebounds

Chris Miller
July 08, 2020 - 1:28 pm

One part of the local economy that is looking up is real estate. Like most sectors of the economy, business plummeted in the spring. But while restaurants and retail deal with occupancy limits, home buyers haven't had the same constraints

"We're absolutely in the middle of that rebound right now," said local real estate analyst Arthur Sterbcow. "Residential sales are almost back to normal from what we were a year ago."

Sterbcow says record low interest rates have brought out home buyers and boosted refinancing.

"In most areas of the city, buyers are out there," he said. "They're all over the place."

CNBC reports the average rate for a 30-year mortgage is 3.26 percent.

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