2012 On Pace to be Record Year for Housing Affordability

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Posted To: MND NewsWire

Even though home prices have been rising, the National Association of Realtors® (NAR) said today that 2012 appears primed to set a record for housing affordability . With 11 months of data in, NAR's Housing Affordability Index was at 198.2 in November, down 2.5 index points from October but 1.5 points higher than in November 2011. When December data is compiled, NAR projects that the housing affordability index for 2012 will be a record high 194, up from 186 from 2011, the previous record year. The index is based on the relationship between median home price, median family income, and average mortgage interest rate . An index of 100 is the point where a household with a median income for the local area has exactly enough income to qualify for the purchase of a median-priced single family...(read more)

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Source: http://www.mortgagenewsdaily.com/01092013_housing_affordability.asp

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