The average buyer spends $25,000 on these options, but it seems painless thanks to the handy chart that studio director Miguel Hutton hands out at the door. The chart, with a sliding arrow pointing to the current mortgage rate, shows that $25,000 in upgrades will add just $145 to a monthly mortgage payment, or, as Hutton explains it, just "$35 a paycheck."

Such is the power of low interest rates, which have helped fuel the biggest run-up in home values in a generation. For years experts have debated whether skyrocketing home prices-up 9 percent nationally in the last year-have gotten out of hand. By now you're probably familiar with the arguments. Bears say Americans' disenchantment with the stock market has made them irrationally exuberant for real estate, leading to speculation. They see rents falling, and too many people taking out adjus table-rate mortgages to stretch to buy a home. Housing bulls note that nationwide home prices have never fallen year-over- year, that demand for housing exceeds supply in many markets and that low rates have helped keep homes affordable.

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What's new in this debate is that inter test rates have begun to climb: while 30-year mortgages are still below 6 percent, economists predict they'll be at 6.25 by December and higher next year. Some say they're hearing the housing bubble's first hiss of a leak. Home sales dipped in July; in some markets, real- estate agents report rising inventory and slower sales. In this environment, KB Home, which built 27,331 homes last year, is a canary in the coal mine. The reason: its mostly first-time buyers are thought to be especially sensitive to rising rates, since they typically have small down payments and stretch to buy as much house as they can. "First-time buyers are going to evaporate first," says John Talbott, author of "The Coming Crash in the Housing Market." "When interest rates increase, they're not going to qualify [for a mortgage], and when they disappear the impact will be felt throughout the market."

• Number of loans in foreclosure still falls in second quarter

CHICAGO (CBS.MW) -- The number of U.S. homeowners falling behind in their mortgage payments rose in the second quarter, but the number of home loans in the foreclosure process fell in the quarter to its lowest level since 2000, the Mortgage Bankers Association said Wednesday.

The number of homeowners who were late with mortgage payments by 30 days or more rose to 4.43 percent in the second quarter, up from 4.33 percent in the first quarter, but down from 4.97 percent in the second quarter of 2003.

The inventory of loans that were somewhere in the foreclosure process fell to 1.16 percent of all mortgages outstanding in the quarter, down from 1.27 percent in the first quarter and a drop from 1.35 percent in the second quarter last year. That was the lowest level since the fourth quarter of 2000.

Doug Duncan, the MBA's chief economist, said the year-over-year drop in delinquencies is a positive sign, given that mortgage delinquencies generally see large drops in the first quarter and then rebound in the second.

• WASHINGTON (CBS.MW) -- Thinking about buying a house in the near future? One of America's largest lenders says now's a good time to do it.

Freddie Mac (FRE: news, chart, profile) announced Wednesday that fixed-rate mortgages are likely to remain low until the end of the year, averaging 5.9 percent. That's a slight uptick compared with the average of 5.77 percent for the week ended Sept. 2, but still low enough for the lending giant to predict a "robust" housing market for the remainder of 2004.

"Coupled with income growth," Freddie Mac's September 2004 economic outlook said, "the housing market should remain robust for the balance of 2004, setting new annual records for home sales and single- family starts."

That's good news for homeowners, who will see a healthy increase in the value of their properties, the Freddie report suggested. Home values will grow about 8.6 percent in 2004, the company's economists predicted. This means, for example, that a home worth $100,000 at the beginning of the year will be worth about $108,600 at the end of the year.

But consumers and industry-related firms shouldn't expect growth like this forever, Freddie Mac's chief economist warned.

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