Home buyers are increasingly taking advantage of record-low borrowing costs as barriers such as falling prices and an overhang of foreclosures start to dissipate. This shows that Fed Chairman Ben S. Bernanke’s low interest-rate policy may finally be starting to pull housing out of a six-year tailspin, providing a boost to the broader economy.
Sales of existing homes rose 9.6 percent in May from a year earlier, with 4.6 million homes changing hands at a seasonally adjusted annual rate, according to a June 21 report from the National Association of Realtors. A 15 percent jump in an index of contracts to buy existing homes that same month suggests the market will continue to improve.
The Affordable Housing Report daily "Twitter paper" on Paper.li. Super cool.