Friday, March 6, 2009

Housing Affordability Surges in Fourth Quarter of 2008

According to the NAHB/Wells Fargo Housing Opportunity Index (HOI) released on Feb 19, housing affordability surged nationally at the end of 2008 to its highest level in at least five years.

The HOI indicated that 62.4% of all new and existing homes sold in the final quarter of 2008 were affordable to families earning the national median income of $61,500, up considerably from 56.1% in the previous quarter and 46.6% in the same quarter a year earlier.

The surge is good news looking for those getting into a new home, and is attributed to falling home prices and very favorable mortgage rates. Read more about it at the NAHB website.

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