Housing starts rose 6.8 percent in May, as low inventory levels have builders rushing to catch up with demand.
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“The recent upturn in interest rates is sparking fears among some that the nascent economic and housing recoveries will be choked off before they produce sustained growth,” says the mortgage giant’s chief economist.
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Mortgage rates rose to their highest level in more than a year, which decreased demand for home loans last week, the Mortgage Bankers Association reports.
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Another study is revealing the benefits of home ownership and how it can make families healthier, happier, and more financially secure.
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Phoenix is considered the nation’s first hard-hit housing market to stabilize, and many other markets are taking note of what’s behind Phoenix’s recovery.
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Housing supply is down more than 50 percent in the nation’s richest ZIP codes.
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