Nationwide housing affordability slipped several notches as
recovering markets witnessed significant firming of home prices in the second
quarter.
Housing affordability has been hovering near historic highs
for the past several years, largely due to exceptionally favorable mortgage
rates and low prices during the recession. Now that markets across the country
are recovering, home values are strengthening at the same time that the interest
rates are going up, cost of building homes is rising due to tightened supplies
of building materials, developable lots and labor. Rising home prices signal
the improving health in housing markets.
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For information on how to buy or sell a property in New Orleans use this link
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