Wages and Rates Buoy Affordability Amid Rising Home Prices

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Posted To: MND NewsWire

Even though home prices have increased in a more or less uninterrupted pattern since early 2012 a joint report form RealtyTrac and Clear Capital puts buying a home in the first quarter of 2015 at the most affordable level in two years. RealtyTrac analyzed Q1 2015 average weekly wage data from the Bureau of Labor Statistics, average condo and single-family home prices taken from publicly recorded sales deed data in 582 U.S. counties, and average interest rates for 30 year fixed rate mortgages from Freddie Mac's Primary Mortgage Market Survey. Clear Capital analyzed data from its Home Data Index to determine counties at highest risk and lowest risk based on affordability and potential for price growth. Since bottoming out in the first quarter of 2012, the average U.S. home price has risen 24...(read more)

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Source: http://www.mortgagenewsdaily.com/10012015_realtytrac_home_affordability.asp

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