{"id":2910,"date":"2012-05-22T11:42:39","date_gmt":"2012-05-22T11:42:39","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=2910"},"modified":"2012-05-22T11:42:39","modified_gmt":"2012-05-22T11:42:39","slug":"housing-affordability-reaches-record-highs","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/housing-affordability-reaches-record-highs\/","title":{"rendered":"Housing Affordability Reaches Record Highs"},"content":{"rendered":"

Housing Affordability Reaches Record Highs.<\/h2>\n
\"Housing<\/a>

Housing Affordability Reaches Record Highs<\/p><\/div>\n

For the median-income family, buying a home has never been more affordable, new surveys by the National Association of REALTORS\u00ae and National Association of Home Builders show.<\/p>\n

Housing affordability<\/em> reached a record high for the second-straight quarter in the first three months of this year, the National Association of Home Builders\/Wells Fargo Housing Opportunity index\u00a0shows. Nearly 78 percent of all new and existing homes sold in the first quarter this year were affordable to families earning the national median income of $65,000, according to the index.<\/p>\n

NAR\u2019s quarterly Housing Affordability<\/strong> Index\u00a0also showed a record high in affordability in the first quarter. NAR first began keeping records on affordability in 1970.<\/p>\n

According to NAR\u2019s index, the median-income family earning under $61,000 could afford a home costing $325,000\u00a0\u2014\u00a0more than double the national median existing single-family home price of $158,100.<\/p>\n

\u201cThe median monthly mortgage principal and interest payment for a median-priced home would take only 13.5 percent of gross income,\u201d according to NAR\u2019s affordability index.<\/p>\n

Buyers Struggle to Take Advantage<\/strong><\/h4>\n

However, while affordability remains high, many home buyers are still being shut out of the market and are unable to take advantage of the deals due to tight lending conditions, housing experts say.<\/p>\n

“For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” says Moe Veissi, NAR\u2019s president. “Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means. This is especially true for self-employed buyers.”<\/p>\n

Indeed, Barry Rutenberg, NAHB\u2019s chairman, echoes those comments, adding that \u201cwithout this significant hurdle, the housing and economic recovery could be proceeding at a much stronger pace.”<\/p>\n

Where Affordability Is the Highest<\/strong><\/h4>\n

Some of the most affordable housing markets in the first quarter, according to the NAHB\/Wells Fargo Index are:<\/p>\n

1. Indianapolis-Carmel, Ind. (where 95.8 percent of the homes sold during the first quarter were affordable to households earning the area\u2019s median family income of $66,900)<\/p>\n

2. Dayton, Ohio<\/p>\n

3. Lakeland-Winter Haven, Fla.<\/p>\n

4. Modesto, Calif.<\/p>\n

5. Grand Rapids-Wyoming, Mich. (tied for fifth place)<\/p>\n

5. Buffalo-Niagara Falls, N.Y. (tied for fifth place)<\/p>\n

Meanwhile, the least affordable housing market continued to be New York-White Plains-Wayne, N.Y.-N.J., a title which it has held for 16-straight quarters, according to the NAHB\/Wells Fargo index. Only 31.5 percent of the homes sold in the first three months were affordable to those earning the median income in the area of $68,200.<\/p>\n

Source: REALTOR\u00ae Magazine Daily News & realtormag.realtor.org
\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Housing Affordability Reaches Record Highs. For the median-income family, buying a home has never been more affordable, new surveys by the National Association of REALTORS\u00ae and National Association of Home Builders show. Housing affordability reached a record high for the second-straight quarter in the first three months of this year, the National Association of Home … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-2910","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nHousing Affordability Reaches Record Highs - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"Housing Affordability Reaches Record Highs. 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