Housing Affordability Stays Strong, But Hinges On Low Rates

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Posted To: MND NewsWire

Housing affordability declined slightly in the first quarter of this year, but remains near historic highs according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released on Tuesday. The Index looks at the percentage of homes sold in a local area that are affordable to families earning the median income in that area during the quarter. The measure incorporates sales prices of both new and existing homes and the current interest rates on fixed and adjustable rate loans. On a national basis 73.7 percent of homes sold during the quarter (median, $184,000) were affordable to families earning the national median income of $64,400. In the fourth quarter of 2012 74.9 percent of homes met the affordability criteria. "Thanks to very favorable mortgage rates...(read more)

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Source: http://www.mortgagenewsdaily.com/05142013_housing_affordability.asp

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