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Builders are struggling to compete with foreclosures, which have forced down prices of previously occupied homes. And many people are finding it hard to qualify for loans or meet higher required down payments. Low appraisals are scuttling some deals after contracts have been signed. As a result, some people who want to buy a new house are holding off because they can't sell their home. Those in a position to buy are benefiting from lower prices and the cheapest mortgage rates on record. The average rate on the 30-year fixed mortgage is hovering near record lows below 4 percent. Builders have pointed to some regional pockets of strength. New Orleans, Pittsburgh and other smaller areas of Texas, in particular, have reported increased buying.
[Associated
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