Key Points
NEW YORK, Dec 4 (Reuters) - U.S. home buyers are becoming more willing to purchase properties even as interest rates stay high, according to a study by Bank of America (BAC.N) published on Monday.. About 62% of respondents said they would wait for borrowing costs to fall before buying a house, according to 1,000 people polled in September..
"We are beginning to see that lack of patience play out in the survey, which ultimately should lead to activity going forward," Matt Vernon, head of retail lending at Bank of America, told Reuters...
Homeowners were willing to sell their existing homes and take on higher-interest mortgages if they found a property in a more affordable area or their dream home became available, the survey showed..
New-home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month as mortgage rates squeezed out buyers...
Anand covered banking and finance in India for more than a decade, chronicling the collapse of major lenders and turmoil at digital banks and cryptocurrencies..
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