In early April, I had the pleasure of attending a seminar about economic trends hosted by The Eastern Middlesex Association of Realtors. One of the guest speaks was Chief Economist for the National Association of Realtors Lawrence Yun.  He researches and oversees a wide range of research activity including affordability across the country and trends throughout different regions. According to Yun the Northeast proves to be one of the most affordable areas in the country given it's short price growth this year from last year and our stable job and income growth.  In areas like San Francisco where prices increased greatly but income did not, that makes S.F. The least affordable area in the country. His charts showed me that from 2006 to 2008 was the worst dip in pricing in. That from 2009 to 2011 the pricing moved sideways and that 2012 and 2013 we are starting to see a slight growth upwards.  According to Yun and the research he oversees existing home sales in the North East were up about 8% in volume and about a .6 % price increase even though the inventory was at an all time low of about 30% less overall.  He predicts that by the end of the year we could see interest rates for lending at about 5%. This spring rates are about 4.5%. At the dip of our market rates were an all time low of 3.5%. He predicts that we are in a rising rate market and buyers should look tot the future not the past to compare rates. I believe him and anyone who received a rate under 4% is lucky and new buyers should be thankful that rates over the next 12 months are still at an affordable 4.5 to 5%. During the peak of 2005 and 2006 interest rates were around 7% so I suspect that rising rates should'nt effect this rising value market we are seeing now. Do your research, higher a buyer agent and buy the house you always wanted (or as close to it as you can get).