With the arrival of spring, consumer attention is turning towards home buying. However, with real estate prices rising faster than wages, homeownership is become increasingly difficult for many, especially in the most populated cities. New house sales declined by 15.8% in the third quarter of 2015, as did construction activity, with the number of new housing permits falling by more than 17%. Despite the declines, home prices are still on an increase. In 2016, according to an analysis by Mergent, prices will rise faster than mortgage rates can drop. This will make home affordability even harder in 2017. #MergentInc #industryreports #property
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