Reports the Associated Press: "Home sales are on pace for their best year since 2007. First-time buyers are streaming back into the market."
Why all the activity now after so many years of sluggishness?
AP zeroes in on three factors it says are driving recent housing activity.
The AP story ends with this warning, however. "Many economists caution that the sales gains of recent months could be short-lived if prices increase so sharply buyers are priced out of the market. The recent rise in mortgage rates could also curtail sales, similar to the higher mortgage rates slashing into sales in the middle of 2013."
The AP story has a lot of interesting information. You can find the full article on the ABC News website. Freddie Mac's economists look at the issue from a slightly different perspective in our June U.S. Economic and Housing Outlook but come to a similar finding: more Americans may be ready to start taking on more mortgage debt.
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