DATA   (CONT)

In the last several weeks, mortgage interest rates have risen sharply as bond investors have grown more risk-averse. The national average interest rate on a 30-year fixed-rate mortgage rose to 6.04 percent last week, from a low of 5.48 percent in early January, according to Freddie Mac, the government-sponsored buyer of mortgages.

Economists say home prices will remain under pressure for much of the next year or longer because the supply of homes for sale remains high. It has also become harder for home buyers to get mortgages as rates have risen and banks have become more conservative in demanding bigger down payments and more proof of income than they did during the housing boom.

In many parts of the country, specialists note that home prices remain too high based on affordability calculations made using incomes and interest rates. A recent report by analysts at Credit Suisse, the investment bank, said that prices in some metropolitan areas like Phoenix, Miami and Los Angeles would have to decline by 20 percent to 40 percent more than they have already fallen for home affordability to be restored to its long-established level.

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