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"In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to move forward with a purchase in order to take advantage of today's favorable prices and interest rates," said NAHB Chairman Barry Rutenberg, a homebuilder from Gainesville, Fla. Even so, many factors remain a drag on the housing recovery. Many Americans, particularly first-time homebuyers, are unable to qualify for a mortgage or can't afford larger down payments. And while foreclosures are slowing and homeowners appear to be doing a better job of keeping up with their mortgage payments, a trove of bank-owned homes remain a possible drag on home prices. As of the end of October, lenders were sitting on more than 590,000 foreclosed homes yet to be sold, according to RealtyTrac. At the current sales pace, it would take about 15 months for those homes to be sold. Though new homes represent only a small portion of the housing market, they have a disproportionate impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to statistics from the National Association of Home Builders.
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