Housing Affordability Hovers Near Record Level As Some Markets Begin To Stabilize

August 19, 2011

in News

Housing Affordability Hovers Near Record Level As Some Markets Begin To Stabilize

Nationwide housing affordability during the second quarter of 2011 hovered for the 10th consecutive quarter near its highest level in the more than 20 years it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data. The HOI indicated that 72.6 percent of all new and existing homes sold in the second quarter of the year were affordable to families earning the national median income of $64,200. The affordability measure dipped slightly from the record high of 74.6 percent set last quarter but remained above the 70 percent threshold initially achieved in the first quarter of 2009. “At a time when homeownership is within reach of more households than it has been for more than two decades and interest rates are at historically low levels,…some housing markets across the country have stabilized and are beginning to show signs of a budding recovery,” said Bob Nielsen, chairman of the National Association of Home Builders. [Read this article]

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