Housing affordability is still at a record high, according to the National Association of Realtors (NAR). It is at the highest level since record keeping began in 1970. This is based on the relationship between median home price, median family income and average mortgage interest rate.<\/p>\n\n\n\n
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said this latest data underscores buyer opportunities in today\u2019s market. \u201cThis is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home,\u201d he said. \u201cFor buyers who can qualify for a mortgage, now is a very good time to become a homeowner.\u201d<\/p>\n\n\n\n
Projections for the remainder of 2012 indicate that this affordability high will continue and rates will remain low. \u201cHousing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country,\u201d Veissi said. \u201cIf access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth.\u201d<\/p>\n\n\n\n
Despite these incredible buyer opportunities, builder confidence is down. The National Association of Home Builders (NAHB) reports that builder confidence for newly built, single-family homes declined for the first time in seven months.<\/p>\n\n\n\n
\u201cWhat we\u2019re seeing is essentially a pause in what had been a fairly rapid build-up in builder confidence that started last September,\u201d said NAHB Chief Economist David Crowe. \u201cThis is partly because interest expressed by buyers in the past few months has yet to translate into expected sales activity, but is also reflective of the ongoing challenges that are slowing the housing recovery \u2013 particularly tight credit conditions for builders and buyers, competition from foreclosures and problems with obtaining accurate appraisals.\u201d<\/p>\n\n\n\n
This has been an ongoing concern for many market activists. While housing affordability is at an all-time high, gaining access to credit is a tough road for many would-be buyers. Additionally, some would-be buyers are still wary of the market and are waiting on the sidelines for the economy to improve or market conditions to stabilize.<\/p>\n\n\n\n
Source: Realty Times by Carla Hill<\/p>\n","protected":false},"excerpt":{"rendered":"
Housing affordability is still at a record high, according to the National Association of Realtors (NAR). It is at the highest level since record keeping began in 1970. This is based on the relationship between median home price, median family income and average mortgage interest rate. NAR President Moe Veissi, broker-owner of Veissi & Associates… Continue reading Housing Affordability At All-Time High<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-23","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/posts\/23","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/comments?post=23"}],"version-history":[{"count":1,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/posts\/23\/revisions"}],"predecessor-version":[{"id":24,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/posts\/23\/revisions\/24"}],"wp:attachment":[{"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/media?parent=23"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/categories?post=23"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbrtwn.com\/dora-mcgillis\/wp-json\/wp\/v2\/tags?post=23"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}