San Diego, CA (PRWEB) October 20, 2013
PropertyRecord.com is revising their recent report that was bullish on the housing market in light of the effects of the ongoing government shutdown, the company said yesterday.
“Three weeks ago we released a positive review of the property market,” a PropertyRecord.com spokesman said. “That report was based on the information we had available to us at the time. In light of recent events, we felt the need to revise that report because we are very worried about the state of the real estate market in the immediate future.”
The bullish housing market report was based on the assumption that mortgage rates would remain low, bringing new buyers into the market, which would lead to good returns for real estate investors.
“Now there is reason to worry that U.S. debt will be downgraded by one or more ratings agencies,” the PropertyRecord.com spokesman said. “When that happens, it raises the prime rate, which eventually raises the mortgage rate. Should mortgage rates suddenly increase dramatically, it will have a negative impact on the housing market. That will make real estate a much riskier investment than before.”
PropertyRecord.com said this is the first time they have ever had to revise a forecast.
“We try to anticipate everything,” he said. “But predicting a downgrade in the U.S. credit rating is not something anyone would expect.”
Customer service website PropertyRecord.com was created to serve the needs of public records clients across North America. With thousands of requests processed each day, PropertyRecord.com continues to grow as a reputable customer service resource. Visit PropertyRecord.com to chat with a live representative, call 1-855-482-6221, or email manager(at)PropertyRecord(dot)com with any questions or concerns.