Significant Increase Some housing analysts are quick to say they do not expect mortgage rates to climb much further.

Nevertheless, many housing analysts say that all the mayoral candidates are taking the housing issue seriously.

Never mind wars or depressions, the housing analysts say.

But Professor Schill and other housing analysts questioned that figure, saying it was most likely too high.

He and other housing analysts say that a hot real estate market in Manhattan has forced rents upward, to the legal limits for many rent-stabilized units.

But even if this concession is not extended for first time buyers, few housing analysts are expecting stamp duty on these "millionaire" properties to be cut.

Most housing analysts predict that about 660,000 new single-family homes will be sold this year, down from 671,000 in all of 1987.

Some housing analysts and real estate lawyers said the financial woes that arose when the mid-80's boom deflated could affect the growth of co-ops in the state.

"For many home buyers, this is fantastic news; you couldn't find a better environment to buy right now," said Carl Reichardt, a housing analyst at Wachovia Securities.

"Housing construction was already in a recession before this," said Barbara Allan, a housing analyst with Kidder, Peabody & Company.