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In addition, buyers are being attracted by the steadily declining mortgage rates.
Declining mortgage rates contributed to the rise in new-home sales, economists said.
Declining mortgage rates are driving sales even as rising oil prices and lackluster job growth weigh on the economic expansion.
The banks, in predicting a continued housing recovery, point to their declining mortgage litigation costs and the increase in car lending and credit card spending.
An aging baby-boomer population and declining mortgage rates should play to its favor.
She pointed out that 70.0% of homeowners need leverage to buy and stay in their homes, therefore an overall declining mortgage market will put pressure on prices.
Similar(45)
They said that it would take too long to implement and that it would be extremely difficult for the government to price the declining mortgage-backed securities that the banks have been unable to unload on the markets.
The banks could still decline mortgage write-downs even when they may help borrowers.
Woolwich, Santander and Leeds Building Society will decline mortgage applications on properties where Japanese knotweed is present, while others will consider it, with guarantees or an indemnity in place, and be guided by a surveyor, such as Northern Rock, Clydesdale and Nationwide".
Applications declined as mortgage rates rose to the highest point since April 2012.
A wave of refinancing by homeowners has declined as mortgage rates have inched upward, she said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com