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Friday
Jan202012

Home Builders Hopeful for Housing Market Turnaround in 2012

Creatas/Thinkstock(NEW YORK) -- The housing market is still weak, but there's hope among home builders that it will get stronger in 2012.

As it stands, mortgage rates are currently cheaper than ever -- 30 year fixed rates average less than 3.9 percent.  While that sounds promising for borrowers, David Crowe of the National Association of Home Builders notes that getting a loan isn't that easy.

"They will continue to have some difficulty in getting mortgage credit; it's tighter than it used to be," he says.

Yet, banks have started to lend more, and despite a drop in December, more homes are being built -- trends that Crowe expects to see more of this year.

"We've been on a relatively steady but slow increase for the better half of 2011 and I expect that to continue in 2012," he says.

Another added bonus that may boost the housing market: the supply of new unsold homes has come down.

Copyright 2012 ABC News Radio

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