Road to homeownership gets rockier

Road to homeownership gets rockier

Mortgage rates continue to rise
Rob Chilton and his wife Saria pose for a photo in their recently purchased home in Frisco, Texas, on April 9. To cope with rising prices in Dallas, first-time buyers like the Chiltons have broadened their search area, even if it lengthens their commutes to work.
Chad Zolman, left, joins his 5-year-old son, Quinten, in standing at the site of their yet-to-be-constructed new home in Castle Rock, Colo., on April 7. “The rates kept going up, and the more the rates kept going up, the less house you can buy,” said Zolman, 41. “And the less house you can buy in this market, that’s not good. You have to be able to pony up the cash.” Zolman eventually bought a newly built, three-bedroom townhome for $370,000.

Road to homeownership gets rockier

Rob Chilton and his wife Saria pose for a photo in their recently purchased home in Frisco, Texas, on April 9. To cope with rising prices in Dallas, first-time buyers like the Chiltons have broadened their search area, even if it lengthens their commutes to work.
Chad Zolman, left, joins his 5-year-old son, Quinten, in standing at the site of their yet-to-be-constructed new home in Castle Rock, Colo., on April 7. “The rates kept going up, and the more the rates kept going up, the less house you can buy,” said Zolman, 41. “And the less house you can buy in this market, that’s not good. You have to be able to pony up the cash.” Zolman eventually bought a newly built, three-bedroom townhome for $370,000.
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