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Business and Economy

Maine real estate market expected to slow but not stall

New Homes
Pat Wellenbach
/
AP
In this July 26, 2011 photo, a sale pending sign is set outside a house in Bath, Maine.

BANGOR, Maine — Rising mortgage rates that are expected to be spurred by the Federal Reserve actions will slow but not stall Maine’s red hot real estate market.

The Bangor Daily News says home prices will keep rising but not as fast as this year despite higher interest rates and anticipated inflation. Kortnie Mullins, vice president of the Bangor Region Realtors Association, said it will take a few years for supply to meet demand, and for prices to stabilize. Until then, she said high prices are going to be the “new normal.”