“Astonishingly low mortgage rates, which the Federal Reserve has driven down in the hopes of stimulating borrowing and goosing the economy, have given qualified purchasers more buying power. A 1 percent decline in mortgage rates increases buying power by about 10 percent.  Even though agents might worry about overvalued homes, that’s not stopping buyers from bidding up prices, a phenomenon happening in markets with tight inventories across the U.S.   Maxwell Rabin, an agent at TTR Sotheby’s International Realty, said the Washington, D.C. market is experiencing ‘very, very high demand and almost historically low supply.'”

http://www.inman.com/news/2013/04/12/echoes-bubble-in-agents-descriptions-markets

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