|
Modest sales and rising prices add to other encouraging signs for the housing market, which has mostly slumped since the bubble burst five years ago. Builders are breaking ground on more homes and requesting more permits to build single-family homes later this year. Long-term mortgage rates have never been lower. The average rate on the 30-year fixed mortgage fell to 3.78 percent last week, the lowest since long-term rates began in the 1950s. Still, the pace of home sales remains well below healthy levels. Economists say it could be years before the market is fully healed. Many people are having difficulty qualifying for loans. Or they can't afford larger down payments required by banks. Some would-be buyers are holding off because they fear prices could keep falling. A better job market has made more people at least open to buying. Employers have added 1 million jobs in the past five months, though the gains slowed in April and March. The unemployment has dropped a full percentage point since August, from 9.1 percent to 8.1 percent in April. Economists estimate that employers will have added 160,000 jobs this month. The government will issue the May jobs report on Friday.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor