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June 26th, 2008 8:39 AM by David W. Welch
This is not so much real estate news, but I think it does indicate that business people around the world recognize the strength of the Orlando economy. This project you can read about in this Orlando Sentinel article is estimated to cost $200 million. We will be the first site for one of these big observation wheels in North America.
As far as national economic news goes, the Fed looks like they may have no choice but to start raising rates later this year. While the rates that they control are short term and not mortgage related, investors will likely push mortgage rates up as well. I am seeing higher rates being quoted already, and it would not surprise me to see mortgage rates upwards of 7% by the end of the year.
If the rate climbs to 7%, the median price of $214,000 last month would have to drop another 6% to $201,000 to keep the mortgage payment the same. The numbers I am looking at right now suggest the median price may stay fairly stable. In fact June's median is likely to be slightly higher. I'll blog more about that later.