|
Still, the tighter supply is also pushing up home prices. That could encourage more people to put their houses on the market. The Standard & Poor's/Case Shiller 20-city home price index this week said prices rose in March nearly 11 percent over the past 12 months. That's the fastest pace in seven years. And a limited supply of homes has made builders more willing to ramp up construction. Applications for building permits rose in April to the highest level in nearly five years. Mortgage rates, meanwhile, jumped this week to their highest levels in a year. That means potential homebuyers are facing higher costs. Still rates remain relatively low by historical standards. The average rate for a 30-year mortgage rose to 3.81 percent, up from 3.59 percent last week, according to mortgage buyer Freddie Mac. The record low of 3.31 percent rate was reached in November.
[Associated
Press;
Copyright 2013 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 This material may not be published,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