Higher mortgage rates are curbing loan demand for home purchases and refinancings, according to the Mortgage Bankers Association.
The tight inventory of homes for-sale that plagued many markets in recent months is starting to fade.
Two recent housing reports are confirming the same picture: Home owners are rapidly recapturing the equity they had lost in the last decade.
The number of home owners who owe more on their mortgage than their home is currently worth has dropped from 12.1 million to 7.1 million as of the second quarter of 2013, according to the latest housing scorecard from the Obama administration.
As the peak home-buying season comes to an end, rising inventories and slower, steadier home-price increases in many markets are showing a healthier housing recovery.
NAR Chief Economist Lawrence Yun talks about existing-home sales in August 2013, which reached the highest level in 6.5 years.
The recovery of the new-home market picked up speed in August, with builders beginning construction on more single-family homes and building permits soaring to a five-year high.
Existing-home sales increased in August and reached the highest level in six and a half years, while the median price shows nine consecutive months of double-digit year-over-year increases.
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"The national upward trend in remodeling is unmistakable," says an industry spokesman about the latest remodeling index results.