 |
| National Association of Realtors, Washington, D.C., United States; (Photo credit: Wikipedia) |
A decline in foreclosures and the lowest mortgage rates in decades have helped some of the cities hardest hit by the housing bust. Prices have surged nearly 14 percent, for example, in the Phoenix area in the 12 months that ended in June. In Miami, they've risen 4.4 percent.
The steadiness of the price increases is helping bolster a nascent housing recovery that began earlier this year. Last week, the National Association of Realtors said sales of previously occupied homes jumped 10 percent in July compared with the same month last year.
Builder confidence rose this month to its highest level since the housing market went bust five years ago. And the average rate on a 30-year fixed mortgage has been below 4 percent all year.
As prices rise, more Americans will likely be inclined to put their houses up for sale. That could further energize the market, which has been hampered by a low supply of available homes.
... Continue to read.
No comments:
Post a Comment