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Homebuilders watching Washington for default
Victor, N.Y -- Bill Robert picked a good time to buy a home. Interest rates in June were low and he wound up selling his four-bedroom house in Greece in favor of a smaller one in Victor.
The timing was perfect, said Robert, a retired mailman. Interest rates remain low, but there is uncertainty created by the possibility that the United States federal government could default on its obligations.
I think this is all overblown in my opinion, said Robert. I dont think its going to happen.
A default would likely cause interest rates to soar and make it more expensive to buy items.
There are concerns among some in the local home builder community because of the uncertainty with the federal governments finances, said Rick Herman, President of the Home Builders Association.
Though Herman also said he expects congress to reach a deal and avert a default.
If the sky falls, well all be in a lot of trouble, said Jeff Morrell, Partner in Morrell Builders.
His building company has seen an uptick in business compared to fall of 2012, this despite uncertainty within the marketplace, according to Morrell.
I think this particular issue will really blow over in the next six weeks and for the Rochester area, it will be a blip on the radar, said Morrell.
I would have to think it may be playing a little bit into the picture with somebody who hasnt really gotten into the process yet, said Steve Babbitt, President of the Greater Rochester Realtors Association.