Tuesday, January 29 08:57:28
The US nation's housing market is surging again after years of historic declines, and the unique forces powering its return could last well into 2013.
The number of homes for sale is at its lowest level since before the recession, sparking competition among buyers that has led to 10 straight months of price increases. The volume of activity is the highest since 2007. Builders broke ground in December on the most new housing developments in four years. And interest rates on mortgages are expected to remain near all-time lows through much of the year, galvanizing once-skeptical buyers.
Together, those factors have helped the beleaguered housing market regain its footing and emerge as one of the economy's bright spots this year.
"I said to my husband, 'We'll never see this again in our lives," said Tracy Lamb, who recently purchased a three-level home in Gainesville, in Prince William County. "I really did feel like we were going to miss out."