Housing Affordability Reaches A Record High
Posted by TheHomeCart.com on Monday, March 9th, 2009 at 7:59pm.The Housing Affordability Index (HAI) shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970, the National Association of Realtors reports. The HAI rose 13.6 points in January.
“Housing affordability is at a record high– the buying power of a typical family has risen significantly,” said NAR President Charles McMillan. “With the drop in interest rates, a median-income family can afford a home costing $20,000 more than a year ago for the same monthly mortgage payment.”
The HAI indicates a median-income family earning $59,800 could afford a home costing $283,400 in January with a 20 percent down payment. In comparison, a year ago a typical family could afford a home costing $263,300.
The NAR also reported …
Our select team here with TheHomeCart.com and Brokers Guild - Cherry Creek Ltd is committed to meeting all of your Colorado real estate needs. We use the latest technology and utmost degree of customer service to enhance your real estate buying and selling experience. Our team services the Denver Metro area helping buyers and sellers with homes, townhomes, condos, lofts, and investment properties. We specialize in offering relocation assistance for local, national and international buyers of homes and properties here in colorful Colorado. For more information about buying or selling your Denver area home, please contact us here at TheHomeCart.com.
Print
ShareBe the first to comment on this blog entry!
Leave a Comment
Area Quick Search
Latest Blog Entries
Quick Tips To Get Your Home Sold Fast!
There are three factors that determine how fast a home will sell. These three things are price, location, and condition. There is nothing you can do about location. Your home is where it is, and if you want to get the best possible price in a timely …
Read Full Post...5 Tips for Protecting Yourself When Purchasing a New Construction Home
Are you planning to purchase a new home? If so, you are likely quite excited about the homeowner possibilities before you. After all, purchasing a home is always an exciting experience and the prospect of purchasing a new home is even more thrilling …
Read Full Post...International Buyers Head for American Cities
Headlines blared over this past summer about the influx of international buyers into the American real estate market, touting the effects of investment, leisure and relocation purchases made by people overseas. While Miami, Las Vegas and the coastal …
Read Full Post...Buying a Home with Built-In Resale Value
Community We have all seen ads touting, “Location, Location, Location.” What does this mean exactly? Prior to being an agent, I thought it was REALTOR®-speak for “this property has nothing going for it but it’…
Read Full Post...What makes Luxury Real Estate a Luxury?
We have all driven around neighborhoods nicer than our own, enjoying the views of homes that are stunning for one reason or another, perhaps just their shear size, or maybe the detail of their design. It is easy to daydream about what it would be li…
Read Full Post...