In an effort to make up for a large budget shortfall, the Federal Housing Administration is tightening up certain mortgage standards next year.
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Housing permits, a gauge for future construction, soared to their highest level in more than four years and paved the way for continued growth in the new-home sector for 2013.
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In places where prices are increasing, more home owners are deciding to sell, which is helping to lift some inventory levels from near-record lows.
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Record-low rates are driving more borrowers to seek shorter-term mortgages.
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“We’re not worrying about whether we can sell houses anymore” but whether lots for future building will be found, says one California builder.
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Existing-home sales continued to improve in November with low inventory pressuring home prices upward, according to NAR.
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