As Thomas Paine once wrote, these are times that try home buyers' souls. Well, maybe those weren't his exact words. But today, they might as well be. Mortgage rates have climbed to two-year highs.
Sellers can pick and choose from multiple offers.
New home prices have jumped to their highest levels ever. It wasn't too long ago that real estate shopping was simple. This Wonderland scenario helped boost the U.S. homeownership rate to an all-time high of 66.8 percent in the third quarter of 1998. Now, the economic backdrop that made all of this possible shows signs of fraying. Jobs remain plentiful, but the cost of raw materials and labor seems poised to pick up, giving companies a reason to raise prices.