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The inventory of unsold homes has declined sharply from one year ago in many markets. While price declines and low mortgage rates have pushed affordability to its best level in the past decade, the prospect of falling prices, more foreclosures, and economic uncertainty continues to hold back demand. — November 2011
Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.
The Wall Street Journal’s third-quarter survey of housing-market conditions in 28 of the nation’s largest metropolitan areas found that home values declined in all but five markets compared with the second quarter, according to data from Zillow Inc. Meanwhile, rent levels have risen briskly across the country and mortgage rates, hovering around 4%, are the lowest in six decades.
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