The Wall Street Journal reports in their 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, notes Suburban West Realtors Association outside Philadelphia.
Rent levels continue to climb as and mortgage rates, hover around 4%, the lowest in six decades. 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 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. jroosevelt@kw.com
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